Project Profile – New Construction Revolving Loan Fund

The Land Bank’s New Construction Revolving Loan Fund (NC RLF) pilot program is a collaboration with the private sector that aims to leverage the Land Bank’s current and future inventory of vacant land and currently available funding to promote investment and redevelopment of under-utilized property throughout Portage County.  The RLF program provides the necessary land and short-term financing for new housing construction projects that upon completion, are sold by the builder on the open market.  The program furthers the mission of the Land Bank by encouraging the redevelopment of formerly abandoned or tax delinquent property by providing the financing needed to construct and market new single-family housing. The intended result is increased real property investment on formerly vacant properties, elevated property values of existing properties in the surrounding housing market area, and expanded homeownership opportunities throughout the County.  With the first home constructed under this pilot program now completed and sold, shown in the pictures below, further investment in single-family housing construction is being planned.