|abandoned properties: overview » introduction » manage acquisition|
|Click on the links below to learn more about managing property acquisition and disposition as part of a comprehensive strategy:|
Photo credit: Cahill Contractors, Inc.
|Create a land bank to manage property acquisition and disposition |
A dedicated public authority, called a land bank, can facilitate abandoned property reuse by streamlining the process of property acquisition, management, and disposition while also allowing disposition to meet community development and affordable housing needs.
Launch an intensive vacant property reuse campaign
A focused campaign to reuse abandoned, vacant, and tax-delinquent properties has helped some communities to marshal the resources of existing agencies and local partners in acquiring and redeveloping abandoned properties to serve local needs.
|You are currently reading:|
Manage the acquisition and disposition of abandoned properties as part of a comprehensive strategy
A coordinating body, such as a land bank, can be a useful tool for prioritizing communities' goals while effectively managing property acquisition and disposition.
Other pages in this section:
Reduce barriers to the reuse of abandoned properties
State and local governments can foster the reuse of abandoned properties by reducing lengthy tax foreclosure processes and allowing properties to leave foreclosure with a clear, marketable title.
Use abandoned, vacant, and tax-delinquent properties to create affordable homes
Although disinvested properties are often used for community economic development, using at least some properties to create affordable homes may benefit the community both now and in the long run.
Click here to view other resources on facilitating the reuse of abandoned, vacant, and tax-delinquent properties.
|Solutions in Action|
|In 2002, Baltimore, Maryland launched a targeted abandoned property reuse campaign called Project 5000. The goal of Project 5000 was to acquire 5,000 abandoned properties throughout the city and restore them to productive use. The city developed partnerships with local law firms, title companies, and other businesses to reduce the costs of the campaign. In four years, the city acquired over 6,000 properties and disposed of 1,000 properties. |
Although Project 5000 met its property acquisition goals, disposition of the properties was challenging due to the multiple layers of approvals needed. To address this challenge and continue a targeted effort to reuse abandoned properties, the city launched the Vacants to Value initiative in 2010. The initiative is projected to reduce the transaction time for selling city-owned vacant property from one year down to three months.
More information on Vacants to Value is available in a case study on our sister site, Foreclosure-Response.org.