New Study on Land Banks

From: HUD USER News
 
HUD's Office of Policy Development and Research has
issued a report on Revitalizing Foreclosed Properties
with Land Banks that features the experiences of three
communities with land banking programs: Genesee County,
Michigan; Atlanta, Georgia; and Baltimore, Maryland.
 
Key Findings:
 
o Land banks help stabilize communities burdened with
vacant, abandoned, tax-delinquent, or foreclosed
properties by halting deterioration of abandoned
properties, returning them to productive reuse, and
addressing the need for affordable housing.
 
o Local land banks typically must cope with obstacles,
such as complex judicial procedures when obtaining a
clear title, lack of expertise in coordinating key
stakeholders, and securing the necessary financing.
 
o Major sources of funding for land banks include local
funds, allocations from the National Stabilization
Program (NSP1), and NSP2 competitive grants, the latter
to be awarded later this year.
 
Find out more about land banks and other strategies that
help support affordable housing at HUD's Regulatory
Barriers Clearinghouse www.regbarriers.org. Download the
report, Revitalizing Foreclosed Properties with Land
Banks, from HUD USER free of charge
at www.huduser.gov/portal/publications/affhsg/landbanks.html,
or call 1-800-245-2691 / option 1 to order a free print
copy.
 
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