Background

Calhoun County Land Bank Authority has residential properties for purchase under this program to rehabilitate and occupy. Program guidelines require the applicant to establish a rehabilitation plan and have resources to successfully complete rehabilitation to occupancy within nine months. Upon graduating from the program, a property returns not only to the tax roll, but also to productive housing stock, becoming an asset to its neighborhood and community. This program is for those who want to purchase and restore a home for their primary residence, but is also open to investors who wish to transform a residence into a viable rental unit. Preference will be given to primary residence applicants. You can view Transform This Home properties on our eProperty Plus site.

Process

Contact the Land Bank to find your Transform This Home property and then:

  • Schedule a walk through with the listed realtor. Applicants are encouraged to bring professionals or others involved in the rehabilitation project to this inspection to develop their detailed rehabilitation plan.
  • Make a list of needed repairs. All safety inspection/code items should be addressed as part of the list.
  • Create a detailed rehabilitation plan for the project with cost estimates. Include a timeline to show how you intend to complete the necessary repairs and resolve code issues. The project is considered complete when it passes final inspection and, where necessary, receives a Certificate of Occupancy.
  • Consider the cost. The ability to afford the purchase of the property, property taxes, and bring the rehabilitation through to completion is key and must be considered by the applicant. Utilize the checklist included with the application materials as a tool in determining the financial commitment. The Calhoun County Land Bank Authority also recommends that applicants seek a broker opinion of fair market value and contact the local assessor to get an estimate on future property tax responsibility. Be prepared to show the resources you have to meet the cost. If necessary, seek potential financing options and secure a letter of intent from the lending institution to include with your application materials.
  • Show a track record of positive outcomes for previous projects by providing a history of experience as a part of your application materials. Interested parties without a track record are still eligible to apply and will be evaluated on a case-by-case basis.
  • Get the forms from the Calhoun County Land Bank Authority or the listed realtor and submit with your rehabilitation plan and supporting materials. All applications will be reviewed for the following criteria before their rehabilitation plan will be evaluated:
    • Applicant must be a Michigan resident, a non-Michigan resident who will live in the property after rehabilitation, or a company/organization authorized to do business in Michigan.
    • All property taxes must be paid and current on all properties located in Calhoun County owned by the Applicant, or any legal entity that will have an ownership interest. Applicants that have forfeited properties due to delinquent taxes in the past five years are not eligible for this program.
  • Sign a purchase and development agreement with the Calhoun County Land Bank Authority. As the rehab project progresses, documentation will be required and may include, but is not limited to, copies of contracts with licensed contractors, receipts for purchase of materials or permits, and other related items.
  • Schedule a closing where the applicant / buyer will pay the purchase offer amount, pro-rated taxes (when applicable), lender closing costs, title closing costs and title insurance.
  • Transfer of property is a two-fold arrangement. First the buyer, will receive a Warranty Deed (with clear title). Second, the Buyer will sign a Re-Conveyance Deed.
  • Upon receipt of the final inspection and/or Certificate of Occupancy to the Calhoun County Land Bank Authority the project is considered complete. At this time the Re-Conveyance Deed will be destroyed and full ownership and interest will be solely held by the buyer.
  • In the event that the buyer fails to meet the requirements of the program and contract (for example – misses project completion deadline or fails to pass a final inspection) the Land Bank will record the Re-Conveyance Deed as specified in the contract. Upon activation of the Re-Conveyance Deed, the property reverts to the Calhoun County Land Bank Authority and the buyer forfeits the physical property and improvements thereon as well as the purchase price, closing costs, and title insurance investment.