What does a County Land Bank do?
- County land banks facilitate the return of vacant, abandoned and tax-foreclosed properties to productive economic use.
- County land banks take ownership of properties and clear title, assemble parcels for housing development
- Manage properties until redevelopment can begin.
- This process may take months or, more likely, years.
How many Counties in Ohio have Land Banks?
- 72 of the 88 Counties
What are the benefits of county Land Bank?
- Stabilize housing base by eliminating uninhabitable or functionally obsolete housing from the market
- Redevelopment of Communities through housing revitalization and new builds
How have County Land Banks Benefited Communities in Ohio?
- Over 5,000 property renovations throughout Ohio
- Over 33,000 demolitions by Ohio County Land Banks
- Ohio County Land Banks have invested over $4 Billion into their local communities
What happens to the unpaid delinquent taxes when a Land Bank acquires a property?
- All delinquent taxes are waived
- No taxes will accrue while the Land Bank holds the property, allowing for a clean title transfer upon sale
How does a County Land Bank acquire property?
- Tax Foreclosed and abandoned properties, if they have not sold at Sheriff’s sale may be directly transferred
- Lending institutions transfer low-value properties to the Land Bank
- HUD may transfer low-value properties to the county Land Banks
- Private Individuals and probate estates will transfer low value and worthless properties to the Land bank
Who controls a County Land Bank?
- 5 Member board including the following
- County Treasurer
- 2 County Commissioners
- The Mayor of the largest municipality in the county
- 1 at large position for someone with real estate experience
- County Treasurer
How is a County Land Bank funded?
- 5% of Delinquent Tax Collection
- Grants
- Loans
- Sales of property held by the Land Bank
What are the benefits of county Land Bank?
- Stabilize housing base by eliminating uninhabitable or functionally obsolete housing from the market
- Redevelopment of Communities through housing revitalization and new builds
In Hocking County Specifically, what is the goal for the properties acquired by the Land Bank?
- To develop affordable housing for members of the community
Won’t the Properties be turned into AirBnB’s?
- All residential properties acquired by the Hocking County Land Bank will be deed restricted to prevent nightly rentals
Who Can Purchase the Properties Owned by the Land Bank?
- For revitalized houses held by the Land Bank
- Any private individual that demonstrates the following:
- A need for single family housing
- Financial affordability
- Agrees to maintain the owner occupied status
- A need for single family housing
- Priority will be granted on a needs basis
- Any private individual that demonstrates the following:
- Vacant Land held by the Land Bank
- A private individual that is committed to building an owner occupied single family house
- A company that is committed to building affordable single family homes
- A private individual that is committed to building an owner occupied single family house
Who Cannot Purchase Properties Held by the Land Bank?
- Any member of the Hocking County Land Bank Board
- The most recent previous owner of the property