Up to a dozen vacant lots acquired by the city of Monmouth after the demolition of blighted properties could become the sites of new single-family homes.
The city is considering an investment in Prairie Hills Land Bank Authority, a new non-profit organization expected to launch this spring that is focused on returning vacant properties to productive use.
“This is an exciting opportunity to transform vacant lots into new homes for families in Monmouth which can help to address our housing shortage,” said Mayor Rod Davies. “However, we are still in the early stages, and city council approval will be required before moving forward.”
According to a release from the city, Prairie Hills Land Bank is leading efforts to form a regional land back serving west central Illinois.
Such organizations hold and manage properties until they can be sold or developed in ways that are beneficial to communities.
If Monmouth moves forward with the investment, the land bank would manage the vacant lots while the city works with developers to construct new, single-family homes.
City officials say this would benefit the community by eliminating vacant and underutilized lots, improving neighborhood appearance and safety, and increasing property values and tax revenue.
There are around 300 land banks across the United States. Prairie Hills is modeling its land bank on similar successful programs in Illinois including Two Rivers Land Bank Authority and Central Illinois Land Bank Authority.
Last year, Prairie Hills conducted a feasibility study to determine how a land bank could best serve west central Illinois.
The organization is now working with local leaders, legal experts, and planning professionals to finalize governance and funding structures.
The city of Monmouth plans to share more details as the city council reviews a potential investment with Prairie Hill in the coming weeks.
The demolition of blighted properties in Monmouth was made possible through the Illinois Strong Communities Program administered by the Illinois Housing Development Authority.
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