Land Banking
Land Banking
Overview and Description
Land banking is a process in which land is protected and preserved until development or rehabilitation to meet community goals is ready to be implemented.
Local governments can work closely with other entities to identify land that can be used to create more options for affordable housing or to address a community need. Local governments can also donate land or properties that can be put into a land bank.
Opportunity and Examples
In 2022, voters in Colorado approved Prop 123 which provides funding for local governments and mission minded organizations for land banking and other affordable housing uses. Funds are administered by DOLA and OEDIT/CHFA. OEDIT/CHFA specifically manages the funds for land banking.
The City of Fort Collins has a land bank that acquires underdeveloped land to be redeveloped with the intention of creating a greater stock of affordable housing units.
The Cook County Land Bank Authority is funded by Cook County government through “grants, contributions and revenues from transactions.” As a governmental agency, the land bank rehabilitates and redevelops land that is under utilized or tax-delinquent.
The Summit County Council created the Summit County Land Bank in 2012. Since its creation, the land bank has created programs and initiatives to rehabilitate and reutilize properties within the county.