In Pennsylvania today, more than 300,000 properties stand vacant. These properties cost municipalities millions of dollars each year in maintenance costs and even more in lost revenue. In Philadelphia alone – which has some 40,000 vacant properties – the City pays $20 million each year just to maintain those properties.
Last week, the Pennsylvania House of Representatives took a major step toward turning the state’s vacant properties back into homes and businesses. On Wednesday the House passed HB 1682, a bill that would allow counties and municipalities in Pennsylvania to create land banks. Land banks are entities that can hold and manage vacant, abandoned and foreclosed properties, making it faster, easier and cheaper for prospective new owners to purchase these properties and get them back into productive re-use.