The Michigan State Land Bank Authority (SLBA) is directing $400,000 to support affordable housing in Oakland County — funding made possible by capturing tax revenue from formerly land bank-owned properties. The first $250,000 has already been contributed to the Oakland County Housing Trust Fund to support a new housing project in Commerce Township.
SLBA partnered with the Oakland County Brownfield Development Authority to convert a former sand and gravel pit to The Reserve at Crystal Lake, a 203-lot market rate housing development in Commerce Township that is well under construction.
“The Reserve at Crystal Lake provides another exceptional example of the State Land Bank Authority’s commitment to putting unproductive property back on tax rolls,” said Joseph Rivet, SLBA director. “At the same time, we are creatively targeting our resources to further workforce housing development here and throughout Michigan.”
The SLBA collects a share of property tax revenue for five years after selling land bank-owned properties. Although the Commerce Township site wasn’t developed as affordable housing, SLBA is honoring its broader commitment to housing access by redirecting tax revenue from the project — pledging $400,000 to the Oakland County Housing Trust Fund. These funds will help support affordable housing initiatives throughout the region.
“This investment from the State Land Bank Authority will have a meaningful impact on addressing the demand for affordable housing in Oakland County,” said Oakland County Housing Officer Khadija Walker-Fobbs. “By reinvesting tax revenue from a market-rate development into our Housing Trust Fund, we are strengthening our communities and making them more livable.”
To learn more about how State Land Bank Authority can support projects in a community, visit Michigan.gov/LandBank.
SLBA partnered with the Oakland County Brownfield Development Authority to convert a former sand and gravel pit to The Reserve at Crystal Lake, a 203-lot market rate housing development in Commerce Township that is well under construction.
“The Reserve at Crystal Lake provides another exceptional example of the State Land Bank Authority’s commitment to putting unproductive property back on tax rolls,” said Joseph Rivet, SLBA director. “At the same time, we are creatively targeting our resources to further workforce housing development here and throughout Michigan.”
The SLBA collects a share of property tax revenue for five years after selling land bank-owned properties. Although the Commerce Township site wasn’t developed as affordable housing, SLBA is honoring its broader commitment to housing access by redirecting tax revenue from the project — pledging $400,000 to the Oakland County Housing Trust Fund. These funds will help support affordable housing initiatives throughout the region.
“This investment from the State Land Bank Authority will have a meaningful impact on addressing the demand for affordable housing in Oakland County,” said Oakland County Housing Officer Khadija Walker-Fobbs. “By reinvesting tax revenue from a market-rate development into our Housing Trust Fund, we are strengthening our communities and making them more livable.”
To learn more about how State Land Bank Authority can support projects in a community, visit Michigan.gov/LandBank.
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