Four Critical Elements of Successful Land Banks
“In the past, local governments and private entities have mostly dealt with vacant property on a case-by-case, deal-by-deal basis. But with thousands of properties vacant in a single community or region, that process is not efficient enough to process property in a timely fashion and either return it to productive use or minimize its negative impact…Land banks are often created to replace an antiquated system of tax foreclosure and property disposition in which municipalities sell their tax liens to speculators, often for pennies on the dollar. Those systems prioritize the value of the small sales proceeds without considering the impact that property has on the surrounding community.”
But, as pointed out in a new blog post on STABLIZE – the Blog of STABLEcommunities.org – all land banks are not created equal. The post summarizes four critical elements in building an effective land bank.
For the full STABLIZE blog, visit http://www.stablecommunities.org/node/1912.