Land Bank Partnership Would Support Monmouth Single-Family Housing Development
One Community Update
February 27, 2025
Source: www.wgil.com
The City of Monmouth is exploring a land bank partnership to a support single-family housing development.
The investment would be with the Prairie Hills Land Bank Authority, a newly forming nonprofit organization focused on returning vacant properties to productive use. If approved, Monmouth would contribute 10-12 vacant lots to the land bank, with the goal of developing new single-family homes.
The Prairie Hills Land Bank is expected to launch in Spring 2025, with Monmouth potentially becoming an early partner in the effort.
“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.”
The lots were acquired by the city following the demolition of blighted properties, made possible through the Illinois Strong Communities Program. The Strong Communities Program (SCP), created through the Rebuild Illinois capital plan and administered by the Illinois Housing Development Authority (IHDA), provides grant funding to help local governments address vacant, abandoned, and deteriorated properties through acquisition, maintenance, rehabilitation, and demolition.
The funding Monmouth received allowed for the removal of unsafe structures, ensuring that these properties can now be redeveloped into quality housing opportunities.
What is the Prairie Hills Land Bank?
Prairie Hills is leading the effort to form a regional land bank serving west-central Illinois. Land banks are specialized organizations that help communities address vacant, abandoned, and tax-delinquent properties. They work by holding and managing properties until they can be sold or developed in a way that benefits the community.
If Monmouth moves forward with this investment, the land bank would help manage these properties while working with developers to construct new homes. The City Council will need to approve this investment in the coming weeks before any final decision is made.
Monmouth city officials say the project encourages new home construction, helping meet local housing needs. They add that it would eliminates vacant and underutilized lots, improving neighborhood appearance and safety; increase property values and tax revenue by returning land to productive use; streamline redevelopment efforts, making it easier for homebuilders to invest in Monmouth.
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