{"id":9464,"date":"2023-05-05T10:40:30","date_gmt":"2023-05-05T15:40:30","guid":{"rendered":"https:\/\/empowermissouri.org\/?p=9464"},"modified":"2023-05-05T10:40:32","modified_gmt":"2023-05-05T15:40:32","slug":"meeting-the-needs-of-our-communities-with-land-banks","status":"publish","type":"post","link":"https:\/\/empowermissouri.org\/es\/meeting-the-needs-of-our-communities-with-land-banks\/","title":{"rendered":"Meeting the Needs of Our Communities with Land Banks"},"content":{"rendered":"

Missouri is short of nearly 115,000 affordable and available housing units<\/a> needed to meet the housing needs of Extremely Low Income Missouri families. Of these 115,000 ELI households, the overwhelming majority, 85%, consist of workers, individuals with disabilities and seniors<\/a>. These vulnerable households often need to pick between keeping the lights on, keeping their household fed, and paying rent each month. This leaves very little to nothing left for savings. These households should be considered one emergency away from homelessness.\u00a0<\/p>\n\n\n\n

It may come as a surprise to many then, that amidst Missouri\u2019s severe affordable housing crisis our state also boasts over 370,000 vacant housing units, an analysis<\/a> of the U.S. Census Bureau’s 2020 American Community Survey reveals. Left unchecked, these properties are allowed to deteriorate, creating public health and safety hazards that severely impact the vitality of our communities.\u00a0<\/p>\n\n\n\n

One solution to address Missouri\u2019s affordable housing crisis requires the rehabilitation of the glut of vacant and abandoned homes currently found around our state. We can then reserve an adequate amount for the development of affordable housing families of modest means need in order to stay securely housed. <\/p>\n\n\n\n

All of our neighbors need safe and affordable housing to live full, healthy and productive lives. Land Banks are a powerful tool that can enable communities to begin this transformation. For these reasons, Empower Missouri and our state-wide Coalici\u00f3n de vivienda asequible<\/a> supports the creation and use of land banks.\u00a0<\/p>\n\n\n\n

What are land banks?<\/strong><\/h5>\n\n\n\n

Land banks<\/a> are public authorities or non-profits that acquire, hold, manage, and occasionally redevelop vacant, abandoned and tax-delinquent properties, returning them to productive use. Land banks can support a community’s affordable housing and job creation goals though this process. Currently, there are 17 states that have land banks. In Missouri land banks have been established in St. Louis, Kansas City, St. Joseph and Blue Springs.\u00a0<\/p>\n\n\n\n

Why is the establishment of land banks necessary to deal with abandoned and neglected properties?<\/strong><\/h5>\n\n\n\n

Abandoned, vacant and tax-delinquent properties come with legal and financial barriers that discourage prospective buyers from purchasing them. Because of the bureaucratic and legal hurdles associated with these distressed properties, they stay vacant and are left to deteriorate and decay, becoming a liability for neighborhoods. Vacant, they provide no benefit or use to communities.<\/p>\n\n\n\n

How do land banks work?<\/strong><\/h5>\n\n\n\n

Once enabled by state legislation, land banks are given special authority to dissolve any delinquent liens or fines so the property can be sold with a clean title to the next owner. By banking land on behalf of the public and devising strategies and priorities for future use, land banks are able to unclog bureaucratic and legal hurdles and are able then put these properties back onto the market with all fees, back taxes and liens cleared.<\/p>\n\n\n\n

Who can buy property from a land bank?<\/strong><\/h5>\n\n\n\n

Land banks sell to individuals, families, nonprofits, businesses, and developers. Land banks can sell individual parcels or assemble adjacent properties it has acquired into a package appropriate for larger developments. <\/p>\n\n\n\n

Land banks are flexible tools that can be tailored to fit each community’s needs, goals and priorities.\u00a0<\/strong><\/h5>\n\n\n\n