Indy Land Bank Hits Milestone

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Mayor Hogsett joined property owner Conrad Lambey to celebrate the Land Bank's 100th property sale. Mayor Hogsett joined property owner Conrad Lambey to celebrate the Land Bank's 100th property sale.
INDIANAPOLIS -

The Indianapolis Department of Metropolitan Development and Renew Indianapolis are celebrating a banner year. The Indianapolis Land Bank, which is operated by DMD, recently closed on its 100th property sale in 2017, and is on pace to complete 130 sales by year's end.

The Indy Land Bank works to acquire abandoned, tax delinquent, and other problem properties in the city. Renew Indianapolis then works to connect the properties with buyers intending on revitalizing them.

The city says the number of property sales expected to be completed by the end of the year is more than the number of sales made in the last two years combined. Now that the properties are under new ownership, the city says they are returning $11 million of assessed value to the city's tax rolls.

The 100th property sale was made to Conrad Lambey, a U.S. Army veteran who plans to revitalize the home in the Riverside neighborhood and turn it into a long-term residence for his family. Lambey purchased the home after two family members bought and revitalized homes through the Indy Land Bank.

"One hundred properties sold in less than one year is a wonderful milestone for our city and our battle against blight," said Indianapolis Mayor Joe Hogsett. "By returning vacant and abandoned properties to responsible owners like Conrad Lambey, we are adding new value to our neighborhoods one property at a time."

The city says the DMD and Renew Indianapolis are also on pace to demolish 155 blighted houses by the end of the year, which is also more than the previous two years combined. Nearly $3 million in Hardest Hit Funds provided by the state's Blight Elimination Program have been invested in the effort.

"I look back over a successful 2017 with great appreciation to residents and community partners who see the value in renovating and reoccupying these empty homes," said Bruce Baird, executive director of Renew Indianapolis. "Through the development of new, innovative programs and strategies, I hope to carry this success into 2018 and continue working toward our goal of stabilizing and revitalizing neighborhoods."

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