Economic Impact Analysis of the Ingham County Land Bank
The Land Policy Institute and the Ingham County Land Bank released the results of a study examining the economic impacts of the Land Bank in August 2013. Several previous studies have examined the negative consequences of foreclosure, abandonment, vacancy and blight. This study, conducted by LPI, however, shows the Ingham County Land Bank has a positive impact on neighborhood property values and the local economy. The study shows that from 2006 to 2012, sold homes located between 500 and 1,000 feet of a Land Bank property decreased in value by 9.5%. Sold homes located within 500 feet of a renovated or new Land Bank home, however, experienced a property value increase of 5.2% during the same time period. Further, the results indicate that the Ingham County Land Bank investment of $31,051,692 in Greater Lansing, had a total estimated economic impact of $56,239,355 and created 426 jobs. For every $1 the Land Bank spent in the community, there was an estimated $1.80 return on investment.
- The Impact of the Ingham County Land Bank: An Economic Study - Release Event on Aug. 22, 2013, at a Land Bank house in Lansing