February 22, 2012 we have (2016 pdf files in our database)
Short Desciption: Neighborhood Stabilization amp; Land Banking amp; The Housing and Economic Recovery Act of 2008, with its much-needed Neighborhood Stabilization Program, is the first federal recognition of the severe costs borne by
Content Inside: Neighborhood Stabilization amp; Land Banking amp; The Housing and Economic Recovery Act of 2008, with its much-needed Neighborhood Stabilization Program, is the first federal recognition of the severe costs borne by neighborhoods and local governments when 1 first time, Congress has appropriated funds for the acquisition, management, and dispo- sition of such propertiesmdash;at the same time recognizing the important role of a tool called land banking. Today, as more communities deal with foreclosures, they are increasingly likely to make use of land banking. Neighborhood Stabilization amp; Land Banking by Frank S. Alexander Emory University School of Law iStockphoto This Communities amp; Banking article is copyrighted by the Federal Reserve Bank of Boston. The views expressed are not necessarily those of the Bank or the Federal Reserve System. Copies of articles may be downloaded without cost at www.bos.frb. orgcommdevcamp;bindex.htm. 4 Summer 2009 Land-Banking Basics A land bank is not the same as a land trust, in which property may be held in perpetuity for a community purpose such as conserva- tion or affordable housing. It is more like a bank into which one deposits valuables until they are needed. Land banking is useful because markets for land rarely, if ever, operate with market efficiency. By definition, a parcel of land is a commodity fixed in location and hence not interchangeable with similar products. As a result, when supply and demand fluctuate, land prices and consumption do not adapt as they would for other products. In the current economic climate, with demand for housing and new develop- ment receding, some previously strong and vibrant neighborhoods are being severely stressed. Land banking can allow regions, states, and municipalities to remove abandoned properties from the market and either convert them into new, productive uses or hold them in