Land Bank FAQ
How is the Land Bank different than a Redevelopment Authority?
A Redevelopment Authority and a Land Bank are similar in the fact the scope of both organizations are essentially the same: to stabilize neighborhoods, rehabilitate older buildings when possible, and demolish when necessary. The main differences are that the Land Bank has no eminent domain powers, but can “trump” bid at a judicial sale. Properties sold through the Land Bank also have provisions built into the policies and procedures that ensures the Land Bank’s mission.
What are the main ways the Land Bank acquires properties?
Donations from banks or current property owners, strategic purchases in annual tax sale, judicial sale (free-and-clear sale), and/or from the repository list.
Does the Land Bank accept donated properties, and what would be some of the advantages for doing so?
We do accept donations. Many banks prefer to donate rather than pay carrying costs or try to market the property themselves. Property owners who are facing costly liens, or for personal reasons, also may choose to discuss donating their property to the Land Bank.
Do you have to be a contractor to buy and rehab a Land Bank property?
No. The Land Bank may rehab a home or stabilize a commercial building and contract out the work, but anyone is able to buy properties out of the Land Bank who have the means and resources necessary to make the identified improvements.