Spokane Housing Crisis: Land Bank Forms to Open Up More Properties for Low-Income Housing
Industry Update
August 12, 2022
Source: The Spokesman Review
Spokane’s first land bank has launched with promises to free up more land for affordable housing across the city.
A land bank is an organization that works with financial institutions or governments to acquire, hold or redevelop abandoned properties and vacant homes so they can return to the market.
There are just over 6,000 units of housing between all of Spokane’s low-income housing providers, according to the latest annual survey by the Spokane Low Income Housing Consortium. And because of low vacancy rates, the average time a person spends on a provider’s waitlist is around three years, said Ben Stuckart, executive director of the Spokane Low Income Housing Coalition.
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