HB1517 - Land Bank Act Summary

• Authorizes any foreclosing governmental unit (taxing district) to create a not-for-profit land bank by ordinance or resolution to acquire and manage vacant, abandoned, and tax-delinquent properties.

• Establishes land bank governance structure with a board of 5-11 members (odd number), including at least one-fifth from community residents or grassroots organizations, with members having expertise in community planning, environmental health, and public health.

• Grants land banks powers to acquire property through purchase, gift, foreclosure, or transfer from local governments; develop and rehabilitate properties; and dispose of properties for uses including health clinics, community centers, green space, and urban agriculture.

• Permits land banks to issue revenue bonds secured by pledged state funds and property tax revenues, with 50% of real property taxes on conveyed parcels remitted to the land bank for 5 years following conveyance.

• Requires land banks to maintain public inventories of all acquired and disposed properties, hold public hearings before bond issuance, submit annual reports to local governments by March 15, and comply with Open Meetings Act and Freedom of Information Act.