Ohio's Land Bank Legislation: Modernizing an Aged Model

The effects of sustained high rates of foreclosure on numerous areas of Cuyahoga County have thrust land banking to the forefront of recent public policy discussions in Ohio. This article seeks to inform those discussions by explaining the state's traditional land banking system and illustratin...

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Bibliographic Details
Published in:Journal of Affordable Housing & Community Development Law 2010-01, Vol.19 (2), p.127-146
Main Author: Fitzpatrick, Thomas J.
Format: Article
Language:English
Subjects:
Abandonments
Amendments
Banking
Banking industry
Banking legislation
Banks
Cities
Community development
Delinquency
Foreclosure
Foreclosures
Funding
Housing
Jurisdiction
Land banks
Laws, regulations and rules
Legislation
Neighborhoods
Population
Privileges & immunities
Property legislation
Property taxes
Property titles
Real property taxes
Redevelopment
Site planning
State laws
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Summary:The effects of sustained high rates of foreclosure on numerous areas of Cuyahoga County have thrust land banking to the forefront of recent public policy discussions in Ohio. This article seeks to inform those discussions by explaining the state's traditional land banking system and illustrating how the new land banking system works, as spelled out in Ohio's 2008 Land Bank Act, signed into law Jan 6, 2009. Recently, the Ohio Legislature passed amendments to the land Bank Act that changed the composition of the Land Bank's board of directors, provided additional immunities to land banks, and significantly lowered the population threshold required for counties to incorporate modem land banks. Part IV discusses out how the Land Bank Act alters the traditional model and describes early steps taken by the Cuyahoga County Land Bank. Part V summarizes the benefits of land banks to stabilizing and developing communities while cautioning the economic development also depends on other factors.
ISSN:1084-2268
2163-0305