The Responsibility Of Recent Tax-foreclosed Houses
Flint City has notified that it will not take on the responsibility of recent tax-foreclosed houses numbering about 1,970. It means the units will now be taken over by Genesee County Land Bank that has its own financial travails. According to the laws of Michigan State those foreclosed units that are not sold at public auctions will go back to the city or town of location, if the municipality does not object.
The emergency manager of Flint, Michael Brown posted the objection notification of the city recently stating that Flint does not want to take the responsibility of these unsold units, because the cost of maintaining such property will exceed any benefit that will be obtained.
For many years an informal agreement has been running between the Land Bank and the City by which all the rejected foreclosed properties of the city goes to the Land Bank. This enables the bank to plan before hand and secure or sell the units, said Dough Weiland of the Land Bank, (executive director).
But this year the numbers of unsold foreclosures have reached a record. To add to the pains of Land Bank its budget has been sliced by $1.3 million after funding was slashed by the commissioners of the county.
On top of this already the Land Bank is struggling to administer over 6,000 houses. If funds do not roll in by the middle of next March there will be problems in paying for hauling trash, cutting of grasses and securing the empty properties. Weiland said, We are doing everything we can to find any source of either subsidized labour or any funds from the city or county or elsewhere.
Talks between the county commissioners and the officials of the Land Bank are continuing. There are plans to communicate with Brown about making used of the block grants made by the federal government for this programme. Most of the properties of Land Bank are in Flint.
Burton Town and Genesee Town have voted to accept responsibility of some of the tax-foreclosed properties. Flint has seen a surge in foreclosures in 2011. In 2010 the Land Bank had taken over 1,540 units. In 2011 across America there were 2,900 properties in the tax-foreclosed category that were put up for auction last October; of these only 342 were sold.
The emergency manager of Flint, Michael Brown posted the objection notification of the city recently stating that Flint does not want to take the responsibility of these unsold units, because the cost of maintaining such property will exceed any benefit that will be obtained.
For many years an informal agreement has been running between the Land Bank and the City by which all the rejected foreclosed properties of the city goes to the Land Bank. This enables the bank to plan before hand and secure or sell the units, said Dough Weiland of the Land Bank, (executive director).
But this year the numbers of unsold foreclosures have reached a record. To add to the pains of Land Bank its budget has been sliced by $1.3 million after funding was slashed by the commissioners of the county.
On top of this already the Land Bank is struggling to administer over 6,000 houses. If funds do not roll in by the middle of next March there will be problems in paying for hauling trash, cutting of grasses and securing the empty properties. Weiland said, We are doing everything we can to find any source of either subsidized labour or any funds from the city or county or elsewhere.
Talks between the county commissioners and the officials of the Land Bank are continuing. There are plans to communicate with Brown about making used of the block grants made by the federal government for this programme. Most of the properties of Land Bank are in Flint.
Burton Town and Genesee Town have voted to accept responsibility of some of the tax-foreclosed properties. Flint has seen a surge in foreclosures in 2011. In 2010 the Land Bank had taken over 1,540 units. In 2011 across America there were 2,900 properties in the tax-foreclosed category that were put up for auction last October; of these only 342 were sold.
Source...