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Genesee County Land Bank Property Acquisition Process
In the first year of unpaid property taxes the property goes into forfeiture.
In the second year of unpaid property taxes the property goes into foreclosure.
In February of the third year of unpaid property taxes the Circuit Court takes action.
|April 1:||Mid April – Mid May:||May:|
|Tax foreclosed property deeded to County Treasurer
||Land Bank staff conducts pre-inspections on improved foreclosed property (no inspections are done on vacant lots)
|| Tax Foreclosed properties are offered to local unit for the minimum bid (back taxes owed), can only be used for public purpose.
|May: ||Mid May:||July:|
|If local unit passes on acquiring foreclosed properties, the same offer is made to the State of Michigan
||Land Bank staff develops recommendations1 for each property it inspects
||Properties that are not purchased by municipalities or the State are sent to the Property Tax Minimum Bid Auction, some of the properties require special attention from the Land Bank2
|First Minimum Bid Auction held (Optional)
||The Land Bank uses its option to purchase3 foreclosed properties for the minimum bid and Second Minimum Bid Auction held
||Land Bank staff develop list of properties to sell at No Minimum Bid Auction
|October – December:
|Requests made of local units to include foreclosed properties in the Land Bank Brownfield Plan4
||No Minimum Bid Auction held
||Properties not sold at auction or purchased by Land Bank earlier are transferred to the Land Bank
Once the Land Bank officially acquires property, it categorizes each property, which effects how the property will be dispersed. Based on a properties categorization, it may be placed in one or more of the following Land Bank programs:
- Rental Management
- Property Maintenance
- Side Lot Transfer
- Clean and Green
1 Recommendations include: Demolish, Rehab, Purchase, Rental (occupied), Clean, Bundle
2 Properties are bundled at auction if they are: a.) residential vacant in the City of Flint b.) occupied c.) requiring demolition
3 The Land Bank will purchase property for the minimum bid if it can be sold at market rate immediately based on it being in good condition, in a desirable area or in an area designated for development
4 The only properties that can take advantage of the $5 million dollar bond that is used to front the cost of demolition, cleaning, and other eligible activities are those that are placed in the Brownfield Plan