- Community-owned or public entities that acquire troubled properties and transform them into community assets such as affordable housing, commercial properties, or open spaces
- State and local governments often partner with land banks in providing low- or no-cost purchases of foreclosed properties, clearing titles, waiving taxes, etc.
Strength of evidence
Evidence level: Strong (second-highest tier)
Strong (second-highest tier)
Ranked as having the second-highest level of evidence by County Health Rankings and Roadmaps
Outcomes and impact
- Helps revitalize declining neighborhoods, accelerates community development, and promotes more economically integrated neighborhoods
- Demolitions of unsafe buildings help reduce blight, increasing home equity and property values in the surrounding area
Keys to successful implementation
- Note: This content is under review
- Partner closely with community organizations, lenders, and others to identify distressed assets and to plan for acquisitions and repurposing of such land.
- Evaluate and pursue a range of potential income sources, including foundation grants, government contracts, land sales, dedicated tax collection, developer fees, and rental income.
- Create a set of clear, straightforward standards and measures of success for transactions and investment that align with community needs and public policy priorities.
- Actively disseminate investment and transactions standards across the community and solicit feedback, including via public forums, written materials, and the creation of a community advisory council.
- Develop a diverse investment portfolio and regularly search for abandoned or foreclosed properties that retain some market value; seek to avoid only acquiring properties in extreme distress.