Each property the Land Bank acquires ranges in complexity, which results in varying levels of construction necessary to complete full rehabilitations. The average development cost to the Land Bank to complete an Affordable Home is approximately $150,000 to $200,000. The Land Bank will typically sell these homes between $85,000 and $130,000 to qualified buyers and depending on the current market.
The Land Bank’s Affordable Homes Program has been very successful at providing quality homeownership opportunities to individuals and families who may otherwise not have access. To date, the Land Bank’s program has a 100% success rate with all approved buyers fulfilling housing related payments with no defaults. Our buyers have even built upon the Land Bank’s success by adding fences, landscaping, and other personal touches.