Transforming Abandoned, Vacant Land
When left unattended, vacant land harms communities, but these parcels also offer opportunities to strengthen community resiliency and wealth. Furthermore, cleaning up vacant lots has been shown to decrease crime, increase physical and mental health, and stabilize real estate markets.
However, as communities seek to repurpose blighted vacant land, a handful of obstacles consistently surface, including:
- Legal barriers to accessing blighted parcels and gaining ownership.
- Difficulty identifying a final and permanent end user for the blighted parcels.
- Lack of financial sustainability, because the cost to acquire and maintain vacant land far exceeds the land’s market value in weak and middle real estate markets.
TCLB is well-positioned to address the legal barriers using its designated powers as a land bank, which makes it easier to acquire abandoned properties and clear their title. Then we will work with communities to find the best uses for them. Our Side Lot Development Program is one potential avenue for reusing abandoned lots. Additionally, in Liabilities to Assets: A Comprehensive Strategy for Transforming Vacant Land, TCLB describes a 7 Step Framework for recovering vacant parcels and returning them back to communities.
To learn more about this strategy and the benefits of recycling abandoned land, please download the report using the links below: