A small government body now stands to become a prime force in the efforts by the city to turn Atlanta foreclosure homes into cost effective housing. The Fulton County/City of Atlanta Land Bank Authority wipes off liens and delinquent taxes thereby aiding developers in putting the homes back on tax rolls. The land bank receives homes which are tax delinquent from the county and the city. These are then passed on to developers of affordable housing, which, more often than not, is a non-profit organization. The land bank can also wipe off taxes on distressed homes that the developers obtain by themselves.

The land bank now is set to do a whole lot more, due to the ongoing housing crisis besides a change in policy. As part of the new policy, the county and the city government will now be able to bank properties for up-to five years, and other non-profit organizations will be able to do so for up-to three years.

Developers like Atlanta Habitat for Humanity will now be able to buy the properties quickly before they are bought by someone else or before prices go up, and then work on the development, thanks to the change.

Atlanta Housing Association of Neighborhood-based Developers’s executive director, Andy Schneggenburger, said that this move would result in keeping the affordable housing’s developments costs low, thereby resulting in purchase prices being lower. Non profits will also end up saving a considerable amount of money because banked homes will not be subject to tax. Besides, expenses for maintaining the property will be collected from the non profits, but after providing a discount. Schneggenburger also said that the program was being viewed as a potential tool which could provide great help in turning around the existing foreclosure crisis.

Atlanta Development Authority’s managing tor, Ernestine Garey, said that in the last two years there have been more than 27,000 filings for foreclosure in Atlanta. With some neighborhoods filled with empty houses due to homeowners in debt and mortgage fraud, this change in policy could help provide Atlanta foreclosure homes with a much needed uplift.

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