Municipalities enter into land bank agreements with redevelopment entities. In doing so, municipalities designate redevelopment entities as land bank entities.
Procedures are written into land bank agreements which clarify how land bank entities acquire properties on behalf of municipalities.
Why land banks?
Land bank properties are not bring absorbed by the market. There are reasons for this. Such as…
Years of back taxes owed. Clouded titles. Rehab budgets which exceed appraisal values. Limited “comps.” Are owner-occupying buyers able to secure renovation loans?
The market isn’t absorbing land bank properties. We have an inventory challenge. We have a housing affordability challenge.
Why not become proficient in land bank properties?
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