Why a Land Bank?
The central goal of the land bank is to mitigate blight and stimulate economic development by transferring properties that are vacant, abandoned, and tax delinquent back to productive use that benefits communities. Strategic decisions can be made to ensure the highest impact properties are pursued and placed into productive use and taxpaying status. The following are some benefits attributable to a land bank.
Commitment to Communities
Land Banks work in unison with community priorities and plans and alongside local community development corporations, community-minded groups and individuals to ensure the most desirable development outcomes are achieved.
Properties are available to current residents, to-be homeowners, non-profits, investors, and development agencies with countless development opportunities, along with a clear title and a fresh start.
Blight is not bound by geographic or political borders. A regional approach allows for a diverse real estate portfolio and increases opportunities for success.
Data Driven Decisions
We focus on the data: tax delinquencies, market types, parcel conditions, trends in development. We have a way to track it – and to map it!
Addressing blight takes money – acquisition and maintenance of properties can be extremely expensive. Land Banks can accept financial resources from various sources – including membership contributions, grants, revenue from sales, and foundation support.
Ability to be Nimble and Responsive
Neighborhood revitalization can be tricky, and oftentimes creative approaches are needed. Land Banks are flexible for communities’ plans and responsive enough for new opportunities.
As a quasi-public entity Land Banks adhere to the same reporting standards and audits, making it a transparent and accountable organization.