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Huntington Landbank Sells Properties
Tuesday, August 19, 2014 - 22:26 Edited from a Press Release
Adjacent property owners were notified in advance of the auction and given an opportunity to purchase properties. Those that were not purchased were put on the auction block at a starting bid of $100 with the purchaser paying all of the closing costs.
The Land Bank program was established in 2009 because city officials identified the annual Cabell County delinquent tax auction as a major contributor to substandard housing in Huntington.
Properties in the county auction often get tangled in years of bureaucratic red tape, only to fall back into the hands of people who already have abandoned them or a land speculator who is looking for a quick profit rather than a home to redevelop.
The Land Bank pre-empts the process by purchasing as many tax liens within city limits as possible at the county’s delinquent tax auction. If the original owner chooses not to redeem the property, HURA takes ownership of the properties and solicits redevelopment proposals from potential buyers. Proceeds from the sale of these properties are used to stabilize or demolish substandard housing.
Since May 2011, HURA has acquired more than 200 properties and sold 83 for redevelopment. Thirty-two vacant, dilapidated structures have been demolished.