STEP 1: Property Acquisition Form Submittal
- Review the Land Bank Acquisition Form to determine if the property is eligible
- Contact your municipality – Is this something they are already working on?
- Submit the Form!
Note: Completing a Property Acquisition Form does not guarantee the TCLB will acquire a property nor that the applicant will be the Transferee of the property if acquired by the Land Bank
STEP 2: Feasibility Analysis and Property Categorization
TCLB will review property for program eligibility, property ownership, and community impact. TCLB will conduct a thorough assessment of the property based on various criteria including: community impact, return of investment, block condition, property condition, sales market, interested purchaser, and acquisition method.
STEP 3: Advisory Committee Update on Property Acquisition
Staff will update the Advisory Committees on properties with the information collected and property assessments completed.
STEP 4: Board of Directors Vote on Property Acquisition & Acquisition Process Begins
The Board of Directors will vote on properties to start the process of acquisition. TCLB will notify the members where the properties are located to ensure their approval. TCLB will then begin the process to acquire properties through multiple vehicles. The most frequent methods used are tax foreclosure and donation.
STEP 5: Property Acquired by the Land Bank
When TCLB successfully takes ownership of the property, it will stabilize the structure and work with local municipalities to address code violations.
STEP 6: Property Rehab or Property Assessment Rehab Checklist
If the property has an existing structure, TCLB will either rehab the structure or evaluate the structure for the rehab to be completed by the new owner. A punch list of required rehabilitation will be a term of the sale. TCLB may also lease vacant land or hold the property for a longer term redevelopment plan.
STEP 7: Applications to Purchase Properties made available on website
Properties are made available on TCLB website and interested parties may submit an application for purchase. If property has a property rehab punch list then interested party must also include information on rehab plan and financing.
STEP 8: Board of Directors Vote on Disposition of Property & Agreement of Sale are Executed
The Board of Directors will vote on disposition of property. For those properties being sold with a property assessment checklist, the title will be held in escrow contingent on the completion within an agreed amount of time frame.