Acquisition, Rehab and Resale of existing housing is an important tool for the Land Bank to further its mission and is an area of its operations that is currently expanding. When a vacant, abandoned and tax delinquent residential structure is acquired it can be ugly, but the Land Bank has experience and a positive track record of playing the role of developer and rehabilitating houses to a high quality and aesthetic standard for the purpose of resale to create a market rate real estate transaction. The projects are meant to move the needle in the local residential real estate market, both by adding new taxable value to the property and also giving a bump to surrounding property values. This is all done while also providing a quality homeownership opportunity for a buyer. Below are before and after photos of a house recently rehabilitated by the land bank.
