The Benefits of Land Banks: Helping Communities and Promoting Affordable Housing

🏘️Land Banks promote affordable housing and community development by purchasing properties and selling them to mission-oriented owners.

💰Abating property taxes for land bank-held properties reduces holding costs and allows for lower housing costs for low-income homeowners and renters.

📈The return on investment from land banks is significant, with a 300% return to taxing jurisdictions.

🌇Land Banks have successfully preserved historical assets and revitalized neighborhoods.

🏦This bill is an optional tool for communities to support affordable housing and community development.

What is a Land Bank?

—A Land Bank is a locally owned and operated financial partner that promotes affordable housing and community development. They purchase and hold properties, selling them to mission-oriented owners.

How do Land Banks reduce property taxes?

—Land Banks have the option to abate property taxes for the properties they hold, reducing holding costs and allowing for lower costs for homeowners and renters.

What is the benefit of abating property taxes for land bank-held properties?

—Abating property taxes reduces the cost of properties, making them more affordable for low-income homeowners and renters. It also benefits the community by promoting affordable housing and community development.

How does the return on investment from land banks benefit the community?

—The return on investment from land banks is significant, with a 300% return to taxing jurisdictions. This additional revenue can be used to fund public services and further support the community.

Is participation in this bill mandatory for local jurisdictions?

—No, participation in this bill is optional. Local jurisdictions have the choice to utilize this tool to support affordable housing and community development.

00:13Land Banks are a force for good in communities, promoting affordable housing and community development.

01:45Land Banks purchase and hold properties, reducing property taxes and selling them to mission-oriented owners.

03:56Abating property taxes for land bank-held properties reduces holding costs and makes housing more affordable for low-income homeowners and renters.

06:12The return on investment from land banks is significant, with a 300% return to taxing jurisdictions.

08:58Land Banks have successfully preserved historical assets and revitalized neighborhoods.

10:59This bill is an optional tool for communities to support affordable housing and community development.