Land banks overview
Depending on the community and its needs, land bankPublic entities that acquire, manage, maintain, and repurpose distressed properties -- particularly vacant, abandoned, and foreclosed ones.s can play a number of different roles related to affordable housing and community development, including: (a) providing a mechanism for assembling parcels of tax-delinquent and/or abandoned properties for redevelopment and (b) acquiring and holding strategically valuable properties until they are ready to be developed as affordable housing.
Land banks are most commonly established in communities where there is a significant inventory of tax-delinquent propertyA site or a building which has significant outstanding tax payments. that the community wants to repurpose to support community goals. In high-cost cities, towns and counties however, where there are few tax delinquent properties, land banks can serve as a vehicle for holding land purchased strategically for future affordable housing development.
Local department of housing and community development, local non-profits.