LAND BANK – /land bank/:
Land banks are governmental entities that specialize in the conversion of vacant, abandoned, and foreclosed properties into productive use. The TN Legislature defines “Land Banks” as real property, however, however obtained or acquired and held by a corporation, created pursuant to the TN TCA 13-30 Local Land Bank Program, with the intent of acquiring and holding onto the real property so acquired until such a time as the corporation is able to find a willing and able buyer to acquire the real property from the corporation
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Vacancy and abandonment of real estate have been a major challenge for the City of Memphis, the result of uncontrolled sprawl for decades, growing poverty, property owner abuses, and irresponsible, often predatory, and discriminatory lending practices. Your donation can help further BAM operations in its fight against blight. Find out how to donate today!
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