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The New York Times shines a bright light on Philly's new land bank
Flying Kite Staff
|
Tuesday, January 07, 2014
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Philadelphia's
recently passed land bank legislation
got some big-time press in a
New York Times
feature.
The new city ordinance aims to consolidate ownership of the properties under the roof of the Land Bank. And to encourage developers to buy through one-stop shopping, the city ordinance also gives the Land Bank power to acquire title to privately owned vacant properties if they are delinquent in taxes. Officials said about three-quarters of Philadelphia’s vacant properties were privately owned and many were behind on taxes. That has deterred prospective buyers who have trouble tracking down owners of long-abandoned properties or dealing with liens on the buildings.
Once the Land Bank is operational later this year, developers will be in a better position to take control of whole blocks that currently show a “gap-tooth” patchwork of public and private buildings and land, proponents say.
Original source:
The New York Times
Read the complete story
here
.
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