“Banking” Land for Development

 

SNDSI and its partners are patient, community-based developers who are taking the time to work with community residents to shape plans for the redevelopment and revitalization of the Pittsburgh neighborhood. While 95 properties were acquired in the first two years of the project, they have not all been rehabbed. Instead, the majority of the Preservation of Pittsburgh (POP) homes are being held in the Fulton County/City of Atlanta Land Bank Authority (LBA) until a master plan for the neighborhood has been completed.

 

The LBA is a public authority that can hold, manage, and develop tax-foreclosed properties, transforming vacant, abandoned, and tax-foreclosed properties into productive use. After the foreclosure crisis, the LBA became one of the first land banks in the nation to respond, paving the way for foreclosed properties  to be returned to use.

 

In 2009, SNDSI began working with the LBA, conveying POP properties into the LBA where they can be held free of property tax liabilities for up to three years. While the properties are in the LBA, SNDSI is connecting residents with employment in the maintenance and securing of the properties to ensure that they are not an eyesore or public safety hazard, working with residents to craft a plan for the neighborhood's redevelopment, and securing the funds necessary to rehab the remaining homes and convert them into high quality housing for working families.