What is a 'Land Bank?'

Why are there so many vacant and abandoned properties in your neighborhood? Why doesn’t someone just buy them and fix them up? Two years ago, a coalition of partners sat down to discuss how to fix the growing problem of vacant and abandoned properties in some Missouri communities.

Land Banks are a tool used by cities and counties to get abandoned, tax-delinquent property back to productive use. By moving vacant properties back to market, land banks help stabilize neighborhoods and maintain property values. Land banks are created at the local level (city or county) under procedures set out in state statutes. Typically, they are governed by a board of directors, including community members and people with real estate expertise. The board and land bank staff can respond to community goals for the abandoned properties in the land bank.

Judicial tax foreclosure helps clear the title to the properties that end up in the land bank, making it easier to find buyers and get the properties back to use. Joining land banking with judicial tax foreclosure helps local governments clear title and zero out back tax debt— two of the key barriers to the redevelopment of abandoned properties.

[MoneyMakingStassia]

This is an excellent and easy to understand breakdown. Thank you!