City launches innovative land bank to combat housing crisis

In a recent government meeting, officials discussed the establishment of a new land bank aimed at addressing the challenges posed by vacant and abandoned properties in Baltimore. The initiative is designed to serve as an additional tool in the city's efforts to revitalize neighborhoods, particularly those with high vacancy rates, which often exceed 15-20%.

The proposal, presented by city leaders, emphasizes core values of equity, flexibility, transparency, community involvement, and efficiency. It seeks to enhance the capacity of existing housing and community development efforts without replacing the Department of Housing and Community Development (DHCD). The land bank will facilitate the acquisition and disposition of properties, ensuring that community input is integral to the process.

A diverse working group has been collaborating for nearly four years to develop the legislation, which incorporates best practices from successful land banks across the country, such as those in Cleveland and Detroit. The land bank will operate as a quasi-governmental entity, allowing for streamlined processes that can expedite property transactions and reduce bureaucratic delays.

Key features of the land bank include the ability to float bonds and secure financing creatively, which is crucial for attracting investment in Baltimore's underserved areas. Additionally, the legislation mandates the creation of a community advisory panel to ensure ongoing dialogue with residents and to address any concerns that may arise.

Transparency and accountability are central to the land bank's operations. It will maintain a detailed inventory of properties and report its activities to the city council every six months and to the General Assembly annually. The interim board overseeing the land bank will be subject to the Open Meetings Act, ensuring public access to its proceedings.

Council members expressed optimism about the potential impact of the land bank, highlighting its role in combating the legacy of redlining and fostering equitable development. The initiative aims to provide a structured approach to property management that prioritizes community needs and revitalizes neighborhoods in crisis.