How Modern Land Banking Can Be Used to Solve REO Acquisition Problems
Thomas James Fitzpatrick IV
Federal Reserve Bank of Cleveland
May 3, 2010
Modern land banks hold great promise as a dynamic community development tool that can help shrinking cities and local nonprofits overcome the two biggest challenges they face when trying to acquire REO property: interest in only a small number of properties and a lack of funding for acquisition. Practice provides us with a powerful example of their successes. As regions struggle to control their inventories of vacant, abandoned, or REO properties, they would be remiss not to consider the innovative modern land banking approach that is currently being employed in states like Ohio.
Number of Pages in PDF File: 6
Keywords: Land Bank, REO
JEL Classification: R51, R52
Date posted: May 5, 2011
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