Pennsylvania Governor signs Land Bank Act in to law
Last week Pennsylvania passed legislation that will equip communities in the state with a proven tool for fighting blight and vacancy and catalyzing economic development.
HB 1682, now known as the Land Bank Act, passed the Pennsylvania House of Representatives in February and the Senate in October before finally being signed by Governor Tom Corbett on October 24, 2012.
The new legislation enables municipalities in Pennsylvania to create land banks, local entities that can hold and manage vacant properties and direct their reuse and redevelopment. Land banks make it easier and cheaper for prospective buyers to redevelop blighted properties into homes and businesses, ultimately reversing cycles of economic decline and getting delinquent properties back on municipal tax rolls.