WHAT IS A LAND BANK?

 

A land bank is a public or quasi-public entity that acquires vacant, abandoned, tax-delinquent, or foreclosed properties and resells them for redevelopment or community improvement.

They are not:

• Private wholesalers
  
  


• Auction sites
  
  


• Realtors
  
  


• “Free property” programs
  
  

They are structured redevelopment tools.