As he walks around an old house on North Walnut Street in Lansing, Eric Schertzing says, "Think back to 100 years ago when this was quite the grand house." Schertzing is the chair of the Ingham County Land Bank. That's the organization that will eventually help to rehab the foreclosed home using grant money.

More than 17 million dollars in new federal grant money has just been approved to complete even more projects in the Lansing area. Schertzing says they will use it to buy about 325 properties surrounding downtown Lansing. Schertzing says, "The application targeted 17 census tracts around downtown Lansing. Downtown is the hole of the doughnut. We're going to work on the doughnut."

With the new funding, close to 200 homes will be demolished. Around 80 homes will also be rehabilitated. Vacant lots will also be part of the purchases. Schertzing says, "This is a lot of property in 17 census tracts around downtown. I think everyone surrounding downtown is going to see a lot of work done in their neighborhood."

Diane Sanborn owns the Cozy Koi Bed and Breakfast in downtown Lansing. She says before the Ingham County Land Bank stepped in, a property across the street from her business used to be an eyesore. She said there had been a fire there and a host other problems. She says, "Finally they razed the property and the land went to the Land Bank."

The Land Bank constructed a new home on the empty lot. It's now owned by a family. Sanborn says these projects are good for the image and value of the neighborhoods. Sanborn says, "Anything we can do to improve our housing values in the neighborhoods is going to bring the value of the other homes up."

Schertzing says that he hopes to have the paperwork signed for the new funding sometime in the next two weeks. After that, he says they will start to plan which properties they will purchase as part of the new funding.

Land Banks were created to return tax reverted property to productive use as rapidly as possible. A Land Bank will typically buy, renovate and resell multiple properties in a designated area with a goal of owner-occupancy.