Mitt Chen is a real estate developer who is restoring derelict houses outside of Pittsburgh with the Homestead, Pennsylvania-based, non-profit Tri-COG Land Bank and selling them to worthy area homeowners in an effort to help revitalize such neighborhoods.

While not speculative investments, such efforts help neighborhoods by returning blighted properties to the tax rolls. One of Chen’s most recent projects was restoring a house at 422 James St., in Turtle Creek, Pennsylvania.

A new, live-in owner is sought for the home. Recently renovated by Relancer Capital the two- bedroom, one-bath, 1,044 square-feet single-family home, a previously run-down property, has been restored thanks to a partnership between Stony Brook, NY-based Relancer Capital, and a private developer. The property was purchased by the private developer from the Tri-COG Land Bank, an Allegheny County, PA-based, non-profit that revitalizes neighborhoods by transitioning abandoned properties.

Land banks revitalize neighborhoods by restoring abandoned properties to beneficial reuse, focusing specifically on blight remediation and do not aim to retain property ownership for an extended time period.

“Good homes provide the foundation for good communities,” says Chen, Vice President of Investments and Project Management at Relancer Capital. “The newly renovated 422 James St., adds value to the community that will pay dividends beyond returns and appreciation. We’re pleased with the renovation and look forward to welcoming the new owner.”

“Safe, affordable housing is a priority in Allegheny County. Working with responsible, private developers is an opportunity for the Tri-COG Land Bank to increase the number of transformed abandoned houses into healthy homes for residents. When sold, these properties return to the tax rolls to generate tax revenue to support our municipalities, school districts and county in providing services to residents,” says An Lewis, Executive Director.

The four-month renovation at 422 James St., includes: hardwood floors, new doors and windows, updated kitchen and bath, basic landscaping and the installation of energy-efficient appliances. The home was originally built in 1917 and is on a 0.2-acre lot.

“We’re pleased with the speed in which we were able to get title, complete the renovations and bring the home to market. It’s a great feeling to watch a property go from blight to blossom,” says Chen who, also develops properties in New York State and is actively seeking potential turnaround properties.