Executive Summary
Foreclosures are a persistent challenge for families who lose their homes and for communities in which they are located. As the number of foreclosures in a community grows, block upon block is dotted with vacant properties, some of which may sit empty for months or years.
Foreclosures also drain government resources, and the costs are substantial. A Harvard University study reported that local governments spend between $5,000 and $34,000 to maintain and secure a single vacant property. The challenge is multiplied when the need for local government services is increased at the same time that property values are driven down, and a smaller number of homes pay property taxes. In response, municipalities have the ability to develop innovative programs to reduce the negative impact of vacant properties, stabilize communities, and promote healthy, vibrant neighborhoods.
Drawing on some of the best programs in Illinois and around the country, this guidebook provides detailed information about key tools municipalities with foreclosure problems would benefit developing: a vacant property early warning database; procedures for identifying and contacting the parties responsible for maintaining and securing a vacant property; a comprehensive strategy for minimizing the negative impact of vacant properties on the surrounding neighborhood; and programs to recover the costs of property maintenance.
