Land Banks could help local governments get rid of foreclosures
A new report shows Georgia has nearly 19 months of distressed properties on the market. Those properties weigh on home prices and the surrounding communities. Pending legislation could make it easier for local governments to clean up distressed homes, by using land banks.
A land band isn’t a lending institution. Frank Alexander, an Emory Law professor explains.
“A land bank is a governmental entity that focuses exclusively on the acquisition, management and disposition of vacant, abandoned, foreclosed properties,” he said.
Alexander helped shape a new statute now heading to Gov. Nathan Deal’s desk. It allows local governments to collaborate in a single land bank. Once the property is restored, local governments can use the tax revenue to reimburse the land bank and cover its operational costs.
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