Landbank Corporation

About the Program

Category: Community and Economic Development (Best in Category)

Year: 2015

Formed in 2013, the mission of the Landbank Corporation is to efficiently facilitate the return of distressed and underutilized properties within Suffolk County to productive uses. The redevelopment of these properties increases surrounding property values, stabilizes the tax base, and improves quality of life for neighborhood residents. The goals of the Landbank Corporation are to: • Reduce the number tax delinquent and environmentally challenged properties within Suffolk County • Recoup outstanding delinquent taxes from Brownfield parcels • Facilitate environmental site assessments of Brownfield parcels • Transfer tax liens from SC Treasurer to the Landbank Corporation • Market and sell tax liens to qualified third party developers • Increase the number of parcels remediated and redeveloped by third party developers • Increase the number of parcels returned to productive tax paying use • Rehabilitate and resell foreclosed residential property to residents with incomes at 100% of AMI or below While the Landbank Corporation is one of only two Land Banks in the United States that deals with potentially contaminated industrial brownfields, in 2014 its mission was expanded to address bank foreclosed, vacant and blighted residential properties. As of the end of 2014, the Landbank had assisted the County in recouping approximately $2.8 million in back taxes from 78 parcels.