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120724_cookcounty_landbank_advisory_writtentestimony_0.pdf

Testimony of Tom Feltner in favor of the creation of an Advisory Committee to consider the establishment of a Cook County Land Bank. Woodstock Institute research shows that lender-owned, likely vacant properties in low-wealth communities and communities of color sit on the market longer and lose more value than properties in other communities. A county-wide land bank is necessary to stabilize the regional housing market by acquiring distressed, relatively low-value property where there is little private-sector interest to make the necessary investments to return the property to productive use.