GRAND RAPIDS, Mich. (WOOD) — The Kent County Land Bank Authority says it posted solid numbers in 2016.
The authority takes tax-reverted properties from local government, fixes them up and then sells them, getting them back on the tax rolls.
“We serve an important purpose in cleaning up the titles to the properties and insuring the highest and best development plans for those properties, as opposed to selling them at auction,” said David de Velder of the Land Bank.
Officials with the authority say they received 131 offers on 21 tax-reverted properties last year. The average sale price was $46,000.
That’s a big drop in the number of properties the Land Bank took possession of at the high point of the housing crisis. In fact, there’s a shortage of affordable homes available in Grand Rapids.
Ninety-five percent of the homes sold by the Land Bank are single family and owner occupied.