The Trumbull County Land Reutilization Corporation (TCLRC) provides an opportunity for homeowners and investors to return derelict vacant property to productive use through acquisition and renovation. This opportunity promotes responsible home ownership and provides affordable housing to individuals throughout Trumbull County. The land bank improves properties in two ways:
Renovated properties have had extensive restoration completed by the TCLRC and are made available for sale in a move-in ready condition. Renovation is pursued through private contract; contractors interested in doing renovation work for the land bank should contact the TCLRC or fill out the Contractor Pre-Qualification Form. Once the renovation of the property is completed, the house is listed on trumbullcountylandbank.org for public sale, and will be reserved for sale to an owner occupant.
Properties to Renovate
Properties to renovate are designed to facilitate the acquisition, renovation, and sale of properties to responsible persons willing to rehabilitate the home and meet the goals and objectives of the Land Bank. All Properties to Renovate may be made available for acquisition through a purchase agreement wherein the TCLRC will hold title to the property (Deed in Escrow) while the buyer executes the terms of the work plan as agreed upon by the TCLRC and the buyer. The title is transferred upon completion of renovation, certificate of occupancy, and other terms of the contract detailed in the purchase agreement.
All properties are assessed for rehabilitation requirements by a third party contractor and an approximate rehab cost is assigned. Property sale prices or opening bid amounts take needed repairs into consideration and are typically considerably lower than market value. The TCLRC puts home ownership as a primary program goal, and many properties may be reserved for owner occupancy for a period of time; these restrictions are noted on the property entry found at www.trumbullcountylandbank.org.
The TCLRC also acknowledges the important role investors play in returning vacant property to productive use, and significant opportunities for property investment exist through unrestricted Properties to Renovate.
Complete applications for TCLRC properties must include the following:
Detailed work plan outlining all issues determined by the specific assessment done by the TCLRC.
- Proof of funding for the rehabilitation of the property, as well as, the purchase amount
- Proof of Funding can be, but is not limited to:
- Certified letter from a lender (bank, personal, etc.)
- Bank statement
- Other documented form of financing as accepted by TCLRC