For example, the Neighborhood Housing Services Redevelopment Corporation in Chicago has acquired hundreds of abandoned properties from such sources as the Department of Housing and Urban Development, the City of Chicago, bank foreclosures (that is, real estate owned), and private owners. The properties are then rehabilitated and sold to owner-occupants.
In highly depressed housing markets, the worst-quality units are often demolished to mitigate safety hazards and reduce supply. For example, in Flint, Michigan, the Genesee County Land Bank acquires vacant properties through tax liens (see www.thelandbank.org). 6  BIS Review 31/2008