Land Banks

Definition

A land bank is a public entity or nonprofit created under state or local law to acquire vacant, abandoned or tax-foreclosed property, hold it, clear its title and return it to productive use. The Housing and Economic Recovery Act of 2008 listed establishing land banks for foreclosed homes among the permitted uses of the $4 billion it appropriated to states and local governments for redeveloping abandoned and foreclosed homes.^[1]

Federal law

Formed under state law. No Act of Congress creates it; the federal laws below apply to it as described.

1. Housing and Economic Recovery Act of 2008, Pub. L. 110-289, div. B, title III, § 2301, 122 Stat. 2654, 2850. Appropriated emergency assistance for redeveloping abandoned and foreclosed homes and listed establishing land banks as a permitted use; does not create or govern land banks. Official text: govinfo.gov, U.S. Government Publishing Office.