A land bank is a public authority created to hold, manage, and develop tax delinquent, vacant, and dilapidated and other properties.-foreclosed property. Land banks act as a legal and financial mechanism to transform vacant, abandoned, and tax-foreclosed property back to a productive use. In addition, a land bank is a powerful locational incentive that, which encourages redevelopment in distressed, blighted communities that generally have little available land.
LAND BANK POSITIVE IMPACTS
Stabilize Property Values
Increase Municipal Revenue
Leverage Investment for Economic Growth
Decrease Municipal Service Expenses
Promote Lasting Affordability
Improve Health and Wellbeing
Improve Quality of Life
Further Racial Equity
Support Climate Resilience
