Mayor Greg Fischer today joined Metro employees and the Landbank Authority to celebrate the conclusion of a record-breaking year of efforts to return vacant properties in Louisville to productive use.
In the 2017-18 fiscal year, which ended June 30, the Louisville Metro Vacant & Public Property Administration (VPPA) closed on the sale of 125 vacant properties in FY18—a 330% increase from the previous fiscal year. In the 2016-17 fiscal year, 29 sales were made.
Metro officials attribute the increase in sales to new sales programs—Last Look, Cut It Keep It and Flex Rate policy—that were debuted in October 2017.
“This tremendous increase in the sale of vacant is the result of innovative ideas, a hard-working city staff and engaged community members,” Mayor Fischer said. “Vacant and abandoned properties are an immense burden to our city—they often become havens for crime and they reduce neighboring property values. Each sale represents a win for neighbors and for public safety.”
The Landbank Authority, which is staffed by VPPA, is a nearly 30-year-old board that represents a cooperative effort by the three main taxing entities—Louisville Metro Government, Jefferson County Public Schools and the Commonwealth of Kentucky—focused on returning vacant properties back to productive use.
A breakdown down of VPPA programs and sales made by each program are as follows:
According to data collection as recent as March 2018, about 5,100 vacant properties (3,600 of which are structures) are in the city of Louisville. The Landbank Authority owns about 500 of those properties. The other 4,600 are in the hands of private property owners, sometimes deceased residents or dissolved LLCs. VPPA works with Code Enforcement to identify vacant & abandoned properties and then uses a variety of tools such as foreclosure to remove properties from their abandoned states so they can return to productive use for the neighborhood. VPPA also accepts property donations.
Louisville Metro Government has worked with the state legislature to pass five separate bills into law that streamlined the process so that we could more effectively move these abandoned properties through the foreclosure process and into new uses.
To view all Landbank Authority-owned property and learn more about VPPA sales programs, please visit https://louisvilleky.gov/government/vacant-public-property-administratio…