Over the last four years, the Kent County Land Bank Authority (KCLBA) generated $42.9 million in estimated economic impact and 266 jobs in Kent County, according to an economic impact analysis by the Michigan State University Land Policy Institute released today.
Between 2012-2016, the KCLBA has worked on 484 properties and projects. Among their efforts, the Land Bank has rehabilitated blighted homes, cleaned up properties containing toxic waste and transformed foreclosed buildings into thriving businesses, the study shows. The analysis estimates the KCLBA generates $1.77 in the regional economy for every dollar spent by the land bank. Additionally, the sale of homes located within 500 feet of completed land bank activity resulted in a sales price increase of $7,064 per home.
“The study confirms the Kent County Land Bank Authority was a key partner during the housing crisis and continues to play a key role in the West Michigan economy,” said City of Grand Rapids Deputy City Manager Eric DeLong. “The KCLBA continues to return blighted, dilapidated properties to the marketplace quickly, responsibly and with greater transparency and accountability. We are fortunate to have them as a partner in stabilizing neighborhoods.”