🏠Land banks acquire and hold properties to promote affordable housing and community development.
💲Reducing property taxes for land bank-held properties lowers costs and allows for lower sale prices.
🌇Land banks help revitalize neighborhoods and preserve historical assets.
🤝Land banks collaborate with local communities to identify needs and provide support.
📈Communities can benefit from a significant return on investment when partnering with land banks.
How do land banks promote affordable housing?
—Land banks promote affordable housing by acquiring and holding properties for a specified period, reducing property taxes, and selling properties to mission-oriented owners at lower costs.
What are the benefits of property tax abatement for land bank-held properties?
—Property tax abatement for land bank-held properties reduces holding costs, allowing for lower sale prices and enabling mission-oriented owners to utilize the properties for affordable housing and community development purposes.
How do land banks contribute to neighborhood revitalization?
—Land banks contribute to neighborhood revitalization by acquiring and preserving historical assets, revitalizing vacant properties, and collaborating with local communities to address their needs.
What is the role of land banks in community development?
—Land banks play a crucial role in community development by identifying and addressing community needs, partnering with local jurisdictions, and providing financial support for affordable housing and economic development projects.
What is the return on investment when partnering with land banks?
—Communities can benefit from a significant return on investment when partnering with land banks, as demonstrated by the 320% return to taxing jurisdictions and the positive impact on housing and economic opportunities.
00:23Land banks are valuable tools for promoting affordable housing and community development.
01:00Reducing property taxes for land bank-held properties lowers costs and enables sales at lower prices.
01:35Land banks contribute to neighborhood revitalization and preservation of historical assets.
02:48Land banks collaborate with local communities to identify needs and provide support.
04:01Communities can benefit greatly from partnering with land banks, achieving significant returns on investment.
