Kankakee, IL – The Economic and Community Development Agency (ECDA) office was awarded a grant of $52,000 from the Illinois Housing Development Authority (IHDA) to be used in initial capital for startup costs of creating a land bank, operating costs, land acquisition and other locally managed revitalization techniques.
In the announcement from IHDA, it is stated that “a study by the Federal Reserve Bank of Cleveland found that a home that is simply foreclosed, but not vacant, lowers neighboring property values by up to 3.9 percent. However, if a home is foreclosed, tax delinquent and vacant, it can lower neighboring property values by nearly two and a half times that amount.”
“Having a local land bank provides a tool to strategically acquire vacant or abandoned properties and return them to productive use, reduce blight, and support our community’s goals. This grant will assist us in building the framework and financial model for a local land bank. The City of Kankakee was previously awarded a land bank grant of $150,000.00 and a feasibility study was completed in June 2019,” said Executive Director, Barbi Brewer-Watson.
“This grant will greatly enhance our efforts to revitalize the City of Kankakee. Vacant lots are a concern for the community and we will continue to address this issue. I am grateful to the ECDA team for their continuous work in our community,” said Mayor Wells-Armstrong.
Kankakee Economic and Community Development (ECDA) is a local government agency whose mission is to improve the lives of Kankakee residents and enhance the economic vitality of communities through housing, economic development and community development. The ECDA administers programs that serve the neighborhoods and residents of the City of Kankakee provided by federal, state, and local funding.
For more information, contact the ECDA at (815) 933-0506 Monday – Friday, 8:00 A.M. – 4:00 P.M.