Support for Revitalizing Abandoned Properties and Local Community Development.
This act aims to establish a national land bank network to help manage vacant and abandoned properties. This will enable local communities to more effectively address the issue of derelict properties, potentially improving safety, increasing property values, and returning these areas to productive use, supporting urban and rural development.
Key points
A national land bank network will be established to support local efforts in managing abandoned properties.
Land banks will gain access to training, expertise, and funding, making it easier to transform neglected areas into useful community spaces.
The act includes grant programs to help create new land banks and support existing ones, especially in rural areas.
Residents will have a say in how properties in their neighborhoods are redeveloped, thanks to a requirement for community engagement in funding plans.
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