Neighborhood Revitalization Program
Neighborhood Revitalization Program
The program is designed to take advantage of the glut of bank-owned real estate by taking properties in urban and suburban areas that have fallen into a state of blight and are bank-owned as a result of foreclosures and turn them into local natural micro-parks or, in partnership with residents or other local groups, turn them into community gardens. Many bank-owned real estate properties are being revitalized and refurbished for use as low- and moderate-income housing. However, we recognize that many bank-owned properties are not appropriate for this use, and that the neighborhoods are better served by the creation of green spaces.
Desired outcomes of this project are to:
- Utilize undeveloped urban land for spatial definition of urban areas and contain the threat of urban and suburban sprawl.
- Enhance access to public lands and promote the integration of public lands into living communities.
- Preserve land for scenic/aesthetic value and recreational use; wildlife habitats, corridors and greenways.
- Strengthen connections between diverse members of the community and their natural environment.
Banks are being directly solicited to review their portfolios for properties that may be appropriate for donation or partial donation. We are also working with the assistance of real estate brokers to identify potential target properties. Once the targets are chosen, contact will be made with neighborhood residents in order to gain support for a long-term commitment to the project. We will be assisting in organizing a neighborhood coalition for this purpose. Local building and landscaping contractors will also be recruited to partner with LCAT and the neighborhood to re-purpose the properties.
