Cuyahoga Land Bank President Gus Frangos explains what makes land banks a potent tool.
1) They have the ability to operates as a corporation, which allows land banks to buy, sell, trade and loan very efficiently and be flexible.
2) With tax foreclosure reform, land banks are able to take low asset properties off the market and prevent a downward spiral of speculation and deterioration.
3) County Land Banks have a reliable revenue stream that is identifiable, which allows land banks to plan ahead and act strategically.