From PACDC: Land Bank Sees Its First Withdrawals

The Philadelphia Association of Community Development Corporations (PACDC) sent an email about the first withdrawals from the Land Bank. Here is the email:

"Exciting developments from the Philadelphia Land Bank: the first properties are moving through the Land Bank! The properties were first transferred into the Land Bank on December 9th and moved to Council and the Vacant Property Review Committee which both provided approval in mid-April. The final step will be for approval by the Land Bank Board. Both properties are intended to be used for new residential construction - one occupied by the applicant and the other part of a larger site assemblage.

The Land Bank has also moved forward on acquiring properties. Since December 2015 more than 1,700 publicly owned properties have been approved for transfer into the Land Bank, including nearly all properties held by the Philadelphia Housing Development Corporation. On May 12th the Board authorized the acquisition of the first set of properties to be pulled from Sheriff Sale using the Land Bank's new powers to acquire privately owned, tax delinquent properties. More properties are slated to be similarly acquired in the next few months.

We applaud the dedicated Land Bank employees who have worked hard to make the Philadelphia Land Bank operational!"

From PACDC.