Are Land Banks the Answer?

Although land banking is not a new idea, it has emerged during the housing crisis as an innovative method for redeveloping abandoned or vacant properties. While foreclosure and the subsequent increase in vacancies remains a major issue, land banks can be a successful community-based solution. This strategic tool allows communities and municipalities to take control of properties and turn them around during periods of economic difficulty and housing distress. Land banks allow local governments to promote sound development, protect real estate values, promote affordability and strengthen neighborhoods.

SOURCE: Buffalo Rising

URL: http://www.buffalorising.com/2011/06/land-banks-called-a-long-term-solution-to-vacant-property-problem.html