What Can Fort Worth Learn from Other Land Banks Across the Country?
Industry Update
May 30, 2023
Source: Fort Worth Report
The city of Fort Worth is considering creating a land bank in an effort to address the need for more affordable housing.
Through a land bank, a government entity can buy underused, abandoned or foreclosed property, maintain it, and then sell it at a lower cost to approved developers.
While land banks remain sparse across Texas, there are over 300 land banks nationwide. As Fort Worth fleshes out details on its proposal, the Fort Worth Report spoke with an expert who helps other land banks across the country to see what Fort Worth needs to keep in mind as it embarks on its own process.
The main purpose of land banks is to allow communities to reclaim properties in their area while moving forward strategies that support long-term goals for an area, said Brian Larkin, director for the National Land Bank Network at the Center for Community Progress. The Center for Community Progress is a national nonprofit that develops policies for cities to tackle vacant properties and encourage revitalization.
“Land banks allow communities to intervene and have a voice in equitable reuse of land and property,” Larkin said, instead of waiting for an outside developer to swoop in.
The National Land Bank Network acts as both a guide and facilitator for local land banks and communities considering starting their own land bank. As director, part of Larkin’s job is to answer questions about the advantages and potential pitfalls of creating a land bank.
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