Land Bank working with company on foreclosures
Being proactive instead of reactive when it comes to foreclosures is a more ideal position to be in for county agencies dealing with housing issues.
This is one reason why the Chautauqua County Land Bank Corp. has accepted an in-kind services grant of $50,000 from Parcel Revenue Corp.
Gina Paradis, land bank executive director, said the county land bank board discussed the grant during its monthly meeting earlier this month. She said Parcel Revenue Corp. is an Ohio-based company that uses an artificial intelligence platform to project how many foreclosures a community will have over the next five years.
“This will provide foreclosure intervention,” Paradis said. “They’ve decided to do some beta-testing in the county and work with (the land bank) on a 90-day feasibility program to see how the platform might work in the county.”
Paradis said the artificial intelligence initiative will support the work that municipal code enforcement officials and the land bank is doing, which could lead to housing officials being proactive instead of reactive to anticipating housing foreclosures and vacancies in the county.
“It’s really intriguing. I’m looking forward to how it might benefit the county, especially (when the county) comes out of the pandemic situation,” she said.
In other business, Paradis said the land bank board approved a property disposition of a house on 26 Buffalo St. in Silver Creek. She said there were three proposals and the board selected the one they felt was the best option. She added the buyers of the property will be restoring the “fairly historic home.”
“The house is in pretty rough shape, so we are looking forward to seeing the outcome there,” she said.