July 17, 2013 – Today, Attorney General Lisa Madigan announced that the Cook County Land Bank Authority is the recipient of $6 million from Illinois’ portion of the national foreclosure settlement.
This major funding announcement means the Cook County Land Bank can now operationalize its mission and objective to return vacant and abandoned property back to productive and sustainable uses. In addition, the funds will be used to help the already existing South Suburban Land Bank. On behalf of the CCLBA Board of Directors, we want to thank Attorney General Madigan for her work obtaining the historic $25 billion national settlement last year with the country’s five largest bank mortgage servicers. We would also want to thank all of the members of Attorney General Madigan’s Advisory Council.
While not a silver bullet, the Cook County Land Bank is the largest single purpose entity whose sole focus is to spur economic development by clearing obstacles to redevelopment and reuse throughout the County and in partnerships with local communities struggling under the weight of foreclosure in the country.
For more information on the CCLBA, please visit the website at CookCountyLandBank.org. For more information on the national foreclosure settlement that led today’s announcement, visit the Illinois Attorney General’s website.
Cook County Commissioner – Tenth District
Chairwoman, Cook County Land Bank Authority Board of Directors