HB3883 - Land Bank Act Summary

• Creates the Land Bank Act allowing any foreclosing governmental unit (taxing district) to establish a not-for-profit land bank via ordinance or resolution to acquire and redevelop vacant, abandoned, and tax-delinquent properties.

• Establishes land bank governance requirements including a board of 5-11 odd-numbered members with at least one-fifth comprised of community residents, quarterly public meetings, and annual performance reporting to local governments.

• Grants land banks powers to acquire property through purchase, gift, or foreclosure; develop redevelopment plans; issue bonds; and convey property at less than fair market value for community benefit uses including health clinics, open space, and urban agriculture.

• Exempts land bank property and operations from state and local taxation; allows 50% of real property tax revenues from conveyed parcels to be remitted to the land bank for 5 years; and permits pledging state revenue sources to secure land bank bonds.

• Prohibits land banks from using eminent domain; requires comprehensive public inventories of all property acquisitions and dispositions on their websites; and subjects land banks to the Open Meetings Act and Freedom of Information Act.