Vacant Property/Land Banking

Challenge

Many municipalities, especially urban ones, own a portfolio of vacant, abandoned, and/or tax-delinquent lots. These land-banked properties can be a burden for the municipality, as they must pay for upkeep of the properties without said properties generating any revenue.

Opportunity & Response

Many land banks offer property to not-for-profit housing providers for the development of affordable housing. This is beneficial to both the municipality and a potential homeowner. Developing housing on these vacant properties increases the available stock of housing while also increasing the municipality’s tax revenue.

Implementation

E. Myrtle

Carrabelle