Keys to a Successful Land Bank

Philadelphia recently became the largest U.S. city to create a “land bank.” As new land banks spring up across the country, it is important to take a close look at what needs to accompany them if we want to have real impact.

1 minute read

March 14, 2014, 11:00 AM PDT

By gheller

"Philadelphia recently became the largest U.S. city to create a “land bank.” The news was picked up by The New York Times, which touted Philly’s approach as a “model for other cities like Detroit.” Land banks have been around for decades, but have become more popular of late."

"The concept of a land bank makes sense for cities that have a large number of vacant properties. However, alone they are not silver bullets. As new land banks spring up across the country, it is important to take a close look at what needs to accompany them if we want to have real impact on America’s urban landscape."

"In light of the mixed reviews of NTI’s land bank approach a decade ago, what makes us think the current effort will be more effective? To be fair, there is a big difference now, thanks to Pennsylvania’s state enabling legislation that went into effect last year. This legislation gave local governments stronger powers to quickly take title to tax delinquent properties, and to clear liens. If the state had granted these powers years ago, programs like NTI may have been more successful."

Read the full story: The Keys to Philadelphia's Land Bank Success

Thursday, March 13, 2014 in Urban Direction

Community / Economic Development United States Philadelphia Blight Land Bank Vacant Properties View More

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