Neighborhood Revitalization Program

Name of the Program:

LCAT Neighborhood Revitalization Program

Summary:

The program is designed to take 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.

Primary Mission-related area(s):

1. Utilize undeveloped urban land for spatial definition of urban areas and contain the threat of urban and suburban sprawl.

2. Enhance access to public lands and promote the integration of public lands into living communities.

3. Preserve land for scenic/aesthetic value and recreational use; wildlife habitats, corridors and greenways.

Short Narrative:

The program is designed to take advantage of the glut of bank-owned real estate. Much of this REO is falling into a state of disrepair or consists of un- or under-developed parcels in urbanized areas or suburban subdivisions.

With the assistance of real estate brokers LCAT will identify potential target properties. Once the properties are identified, effort will be made to contact and convince the banks that own them to donate them or sell them at a deep discount. Concurrently, contact will be made with neighborhood residents in order to gain support for a long term commitment to the project. LCAT will assist 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 property.