3x3 mapped the tax foreclosure systems and assessed municipal land bank functions throughout four cities to create a public private partnership and affordable housing development scheme for returning vacant properties to productive use in shrinking Rustbelt cities.
In the wake of the 2009 foreclosure crisis, communities throughout the Midwest and beyond are left with vast swaths of vacant structures. At a peak high in Louisville, Kentucky, 5,667 properties were foreclosed upon in 2011 alone. Such mass vacancy fuels the cycle of neighborhood blight: lower property values, increased crime, increased poverty and more vacant homes. Our client sought to catalyze redevelopment of distressed housing stock in various counties throughout the Midwestern Rustbelt region, breaking the property vacancy and neighborhood blight cycle in the process.