Land Bank

A land bank is a government or public organization that acquires, manages, and repurposes vacant, abandoned, or underused parcels of land. Its goal is to reduce urban blight, promote redevelopment, and stimulate economic growth by preparing land for new development projects or community use. Land banks often acquire properties through foreclosure or purchase, then hold or improve them until they can be sold or developed efficiently. This process helps stabilize neighborhoods, increase property values, and support sustainable community development, acting as a strategic tool for managing land resources effectively.