Sec. 9. (a) A land bank shall endeavor to acquire a diverse portfolio of properties to enable the land bank to dispose of diverse properties in diverse real estate markets in the county or municipal territory that the land bank serves and, thereby, generate revenue for the land bank in a sustainable manner. A land bank shall acquire property for the purpose of supporting the mission of the land bank.
(b) A land bank's priorities concerning the disposition of properties from the land bank must support the mission of the land bank, which includes the sale or transfer of properties:
(1) for redevelopment that will act as a catalyst for further development;
(2) that support a comprehensive development plan or strategic plan for neighborhood revitalization;
(3) that reduce blight in the community;
(4) that revitalize or stabilize neighborhoods;
(5) that will be returned to productive, tax paying status;
(6) that will be returned to productive uses, including development of side lots, green spaces, and gardens;
(7) that are available for immediate ownership or occupancy without a need for substantial rehabilitation;
(8) that will be used for affordable housing; or
(9) that will generate operating support for the functions of a land bank.
As added by P.L.211-2016, SEC.1.
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