8. Landbanking and Demolition for Longer-Term Disposition
- Land banks are legally defined public authorities enabled by state legislation to take ownership of tax-foreclosed and other vacant abandoned property, hold it and dispose of it.
- This strategy can streamline the process of tax foreclosure and organize a rational plan for various strategies of acquisition-rehab, acquisition for later development, and demolition.
- The most well known land bank—one many states are modeling—is Flint, Michigan’s Genessee County Land Bank.
- Land banks are an approved use of Neighborhood Stabilization Program funds.
Demolition will be an important strategy for many markets.
- This strategy is typically used where rehab needs are too great and in very weak markets where there is massive population loss and markets are not expected to recover in the foreseeable future.
- Reducing the volume of housing stock may be required to stabilize values where there is excess supply.
Green Demolition or Deconstruction is the careful disassembly of an entire structure.