§ 36-7-38-9 — Objectives

(a) A land bank shall endeavor to acquire a
diverse portfolio of properties to enable the land bank to dispose of
diverse properties in diverse real estate markets in the county or
municipal territory that the land bank serves and, thereby, generate
revenue for the land bank in a sustainable manner. A land bank shall
acquire property for the purpose of supporting the mission of the land
bank.
(b) A land bank's priorities concerning the disposition of properties
from the land bank must support the mission of the land bank, which
includes the sale or transfer of properties:
(1) for redevelopment that will act as a catalyst for further
development;
(2) that support a comprehensive development plan or strategic
plan for neighborhood revitalization;
(3) that reduce blight in the community;
(4) that revitalize or stabilize neighborhoods;
(5) that will be returned to productive, tax paying status;
(6) that will be returned to productive uses, including
development of side lots, green spaces, and gardens;
(7) that are available for immediate ownership or occupancy
without a need for substantial rehabilitation;
(8) that will be used for affordable housing; or
(9) that will generate operating support for the functions of a land
bank.

Legislative History

As added by P.L.211-2016, SEC.1.