Transcript of Philadelphia, Pennsylvania October 6, 2011 The Partnership Potential of Municipal Land Banks and...
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- Philadelphia, Pennsylvania October 6, 2011 The Partnership
Potential of Municipal Land Banks and Community Land Trusts: Land
Banks 101 Dan Kildee, Center for Community Progress
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- Chronic Abandonment Antiquated systems Weak economic conditions
History of population loss Obsolete housing stock Disconnected
systems Contagious blight What is the problem? Mortgage /Housing
Crisis Predatory products Greed Market destabilization External
effects of sales Few bankable purchasers Deterioration of property
Similarities and differences of the chronic and acute crises
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- Land Banks A land bank is a public authority or nonprofit
created to efficiently acquire, hold, manage and develop foreclosed
property, as well as other vacant and abandoned properties.
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- Land Banks Can. Sell or convey property through locally
developed policies that reflect the communities priorities
including regional equity, for example Sell through negotiated
sales Convey property for other than monetary consideration Sell,
lease, manage property with terms deemed to be in the interest of
the land bank support affordability Land bank financing tools for
tax foreclosed and other targeted properties Support or conduct
code enforcement and nuisance abatement
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- Essential Elements Connected to the tax collection and
foreclosure process Scaled at the metropolitan level, or most
diverse real estate market possible Policy driven transparent in
policies and transactions Emphasis on community engagement and
participation Customized to your communitys need/capacity
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- Connected to the tax collection and foreclosure process What is
the problem? The system generates revenue, connect the revenue to
the problem being addressed: delinquency and foreclosure. Auctions
are not the purest form of the free market and there is no free
market. Internalize the externalities: tax collectors need to focus
on tax collections, not just the returns associated with delinquent
taxes.
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- Tax Lien Sales and Tax Auctions What is their purpose? What is
the result? When was this all started? Why do the buyers buy? Under
what authority do they act?
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- This is the type so far This is bullet size Connect weak and
strong properties, neighborhoods, and communities Dont disaggregate
the economics of the land inventory Use equity and tax capture
(TIF) creatively Demonstrate benefits to diverse areas within the
area served Scaled at the metropolitan level, or most diverse
market possible
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- Priorities, Policies, and Procedures Priorities as to the
Nature of the Transferee Priorities for Use of Property Factors in
Determining Consideration Acquisition Policies Disposition Policies
Side Lot Disposition Policies Land Banking Policies for
non-profits, CLTs, government and institutional partners
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- Community Input Community Advisory Groups Meetings for Creation
of Land Use Plan Adhering to Community Plans Update the Community
of Land Bank Programs
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- Legal authority determined by statute; Board of Directors must
be careful of possible future conflict of interest Policies and
procedures determined by Board, implemented by staff according to
adopted policies - delegation of authority determined by Board
policy Land banks may create local agreements with county, cities,
townships, and villages Public participation may include Advisory
Council of citizens and interested parties Land Bank
Governance
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- Land Bank Funding Sources Tax collection fees Land sales
revenue Tax capture (5yr/50%) Foundation support HOME and CDBG NSP
EPA grant and loan funds
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- A New Pathway for Property Foreclosure Prevention Side Lot
Transfer Property Maintenance Planning Rental Management Urban
Gardens and Agriculture Demolition Development
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- Land Bank Programs
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- Land Bank Development Tools Clear Title Low Acquisition Costs
Brownfield Eligible / Cross Collateral TIF Land Assembly Vehicle
Equity Partnerships Neighborhood Stabilization Program
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- Policy development and capacity building efforts underway or
completed: Michigan (37 land banks) Ohio New York Pennsylvania
Georgia Tennessee Indiana Illinois Minnesota Baltimore, MD.
Louisiana New Jersey
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- This is the type so far Land Bank Center
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- Berridge Place
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- Witherbees
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- Carriage Town Homeownership
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- The Durant: built 1920, abandoned 1973
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- Durant Hotel
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- Center for Community Progress 421 Garland Street Suite A Flint,
Michigan 48503 P: 877-542-4842 F: 810-233-7381 1001 Connecticut
Avenue N.W. Suite 1235 Washington, D.C. 20036 P: 877-542-4842 F:
202-223-2120 1050 S. Jefferson Davis Parkway Suite 231 New Orleans,
LA 70125 P: 877-542-4842 x158 F: 504-821-7074
www.communityprogress.net