Mayor Richards submits application to create a land bank for Rochester
Posted at: 02/06/2013 5:46 PM
Mayor Tom Richards is working to help our city find ways to put vacant, abandoned and tax-delinquent properties to good use.
The mayor is applying for permission to create a Rochester Land Bank, a non-for-profit corporation to facilitate the return of abandoned properties to productive uses through community development programs such as "Home Rochester".
"Home" will fully rehab the properties and sell them to first time homebuyers. Studies have shown that such redeveloped properties increase surrounding property values by 14%.