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What is a land bank?
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What is a land bank?
Many former industrial hubs are facing trends of vacancy and abandonment.
Land banks acquire properties that may be tax-delinquent, foreclosed, or distressed. Land banks acquire title to distressed properties and seek to solve the issues that prevent the property from selling in the private market.
Land banks are intended to resolve blight, vacancy, and property abandonment through acquiring distressed properties and either returning them to productive use, or temporary holding and maintaining them. They can improve the overall condition of the community through acquiring, holding, managing, and sometimes developing vacant, abandoned, or underutilized properties.
Typically land banks are public entities created by local government. They may be part of an existing entities like a redevelopment authority, a housing department, or a planning department.
There are more than 300 land banks and land banking programs in the United States. Statewide land banks exist in Michigan, Ohio, Georgia, Pennsylvania, and New York.
Distressed or problematic properties destabilize neighborhoods, create fire and safety hazards, decrease property values, and drain local tax dollars. Many of these properties were rejected by the private market.
The Cook County land bank has around 860 vacant lots in Chicago and is acquiring an additional 1,000.
What special powers do land banks typically have?
1. Acquire property sometimes at low or not cost through tax foreclosure proceedings.
2. Hold title in a tax exempt way
3. Extinguish back taxes
4. Clear title and expedite the process of clearing the title.
5. Consolidate and assembly properties into the portfolio of a single agency or department
6. Streamline the transfer or sale process of properties to the private sector. At times, the sale of properties may be at a below market price in order to attract buyers that align with the goals of the land bank.
7. Lease properties for temporary use
A land bank is not intended to compete with the private market as it deals with properties that the private market has rejected. Most vacant and abandoned properties have serious legal and financial barriers that make them unattractive to private buyers. An example of this may be years of accumulated back taxes that can exceed the market value of the property. In this case, you can see how no rational buyer would pay for a property where the liabilities exceed the market value. Another example is the extensive repairs abandoned properties often require. Again, repairs, or entirely replacing the house, could exceed the market value. A land bank could acquire the property, tear down the house, and sell the vacant lot in this example, sparing the buyer the expense.
Works Cited:
Tags:
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Many former industrial hubs are facing trends of vacancy and abandonment.
Land banks acquire properties that may be tax-delinquent, foreclosed, or distressed. Land banks acquire title to distressed properties and seek to solve the issues that prevent the property from selling in the private market.
Land banks are intended to resolve blight, vacancy, and property abandonment through acquiring distressed properties and either returning them to productive use, or temporary holding and maintaining them. They can improve the overall condition of the community through acquiring, holding, managing, and sometimes developing vacant, abandoned, or underutilized properties.
Typically land banks are public entities created by local government. They may be part of an existing entities like a redevelopment authority, a housing department, or a planning department.
There are more than 300 land banks and land banking programs in the United States. Statewide land banks exist in Michigan, Ohio, Georgia, Pennsylvania, and New York.
Distressed or problematic properties destabilize neighborhoods, create fire and safety hazards, decrease property values, and drain local tax dollars. Many of these properties were rejected by the private market.
The Cook County land bank has around 860 vacant lots in Chicago and is acquiring an additional 1,000.
What special powers do land banks typically have?
1. Acquire property sometimes at low or not cost through tax foreclosure proceedings.
2. Hold title in a tax exempt way
3. Extinguish back taxes
4. Clear title and expedite the process of clearing the title.
5. Consolidate and assembly properties into the portfolio of a single agency or department
6. Streamline the transfer or sale process of properties to the private sector. At times, the sale of properties may be at a below market price in order to attract buyers that align with the goals of the land bank.
7. Lease properties for temporary use
A land bank is not intended to compete with the private market as it deals with properties that the private market has rejected. Most vacant and abandoned properties have serious legal and financial barriers that make them unattractive to private buyers. An example of this may be years of accumulated back taxes that can exceed the market value of the property. In this case, you can see how no rational buyer would pay for a property where the liabilities exceed the market value. Another example is the extensive repairs abandoned properties often require. Again, repairs, or entirely replacing the house, could exceed the market value. A land bank could acquire the property, tear down the house, and sell the vacant lot in this example, sparing the buyer the expense.
Works Cited:
Tags:
detroit land bank, land bank, gis enabled land bank, detroit land bank rehab, land bank savings account, land bank open account, india industrial land bank pib, detroit land bank process, land bank red tape detroit, land bank house broken into, india industrial land bank portal, detroit land bank authority, detroit residents land bank, real estate, real estate investing, real estate agent, how to invest in real estate, real estate market, real estate investment, investing in real estate, real estate 101, real estate investing for beginners, real estate business, real estate for beginners, real estate crash, texas real estate, real estate bubble, houston real estate, invest in real estate, sacramento real estate agent, how to make money in real estate, real estate market predictions, real estate tv
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