NE LB1135

Expands board membership residency eligibility to include residents within 10 miles of the municipality, within extraterritorial zoning jurisdiction, or within the county, while maintaining majority residency requirement within the creating municipality

Simplifies board member qualification requirements by replacing specific mandatory professional categories (chamber of commerce, banking, realtor, etc.) with general requirement for knowledge and experience in community development, real estate, and housing

Requires community benefits agreements for land banks holding property on behalf of nonprofit corporations or private entities for more than one year, with agreements mandating commitments to affordable housing, local hiring, living wages, or community services

Adds exception allowing land banks to acquire commercial property if the owner has been directed to remove a nuisance but failed to do so, in addition to existing three-year vacancy requirement

Modifies reporting requirements to allow quarterly reports instead of monthly reports, requires annual reports be submitted electronically to the Urban Affairs Committee, and adds disclosure requirements for properties held on behalf of nonprofit corporations or private entities