What is a land bank?
A land bank is a redevelopment tool that was popularized in Cuyahoga County, Ohio during the midst of the foreclosure crisis. Land banks are given ownership of tax delinquent properties, abandoned properties, or undesirable properties for whatever reason, and restores those properties to purposeful use.
Why does Muncie need a land bank?
Muncie has thousands of abandoned properties that are dangerous for the community and decrease the property values of our homes. Muncie Land Bank is able to sell properties below market value in order to increase property values and restore the community.
Local governments have a lengthy and tedious process to go through to restore an abandoned or tax delinquent property. Muncie Land Bank would be able to curtail abandonment and increase the tax base at a more efficient rate than local governments.
What does Muncie Land Bank do with the property it receives?
First, a property must be inspected to determine if any structures will be renovated or demolished. Once a decision is made on what to do with the property we initiate the appropriate process to return the property to productive use.