Working with the Land Bank
17. How does the PLB price properties that they sell back?
The Consideration Amount, or the financial value of a property, is at the discretion of the PLB, yet must be equivalent to the fair market value of the property, but not less than $500. The PLB prefers that the Consideration Amount be paid in cash at closing, but they may accept financing at their discretion. The method for determining fair market value will be determined by the PLB. There are different criteria for determining the price and form of consideration of a property corresponding to property category, prospective end user, and end use.
18. Will developers that purchase land from the Land Bank be required to work with community organizations?
The PLB will take into consideration any adopted community plans as well as require expressions of community input from the community. It will also confer with the Department of City Planning in its decision-making.
19. Who can the PLB sell land to?
The PLB sells land to 'Qualified End Users’. A Qualified End User may be a person or a business entity that is current on all of its public obligations, including being current on all property and business taxes, as well as fully code compliant. An individual will not qualify if they were the owner of a property that was transferred to the PLB through tax foreclosure, or if they are an immediate family member or member of the business that owned the property that went into foreclosure, for a period of time.
20. How do I apply to buy a property from the PLB?
Only Qualified End Users can buy properties from the PLB. People can apply to acquire a property by submitting a Property Transfer Application to the PLB. Once the PLB receives that application, they will determine if the applicant is a Qualified End User.
21. How does a Qualified End User enter into a Purchase Agreement with the PLB?
The Qualified End User must enter into a purchase and sales agreement with the PLB within thirty (30) days of the approval of their Property Transfer Application. The closing will be contingent upon the buyer paying the Consideration Amount, executing a Renovation Enforcement Note and Mortgage, or Reverter Deed (if applicable), and staying in compliance with the requirements for Qualified End Users. **
22. How does the PLB notify the public when it has accepted an application from a Qualified End User?
The PLB will notify the public, both on their website and with signage on the property, for at least 30 days prior to entering into a purchase agreement with the Qualified End User. The notice must include the name of the intended buyer, the proposed purchase price, and the intended use for the property.
23. How can I object to the sale of a property to an intended user?
Interested parties within a certain radius of the subject property may file a petition within twenty (20) days of the PLB’s posting of online notice or signage in order to object to disposition of land. If the PLB receives a petition signed by 15 or more people, they will hold a pre-disposition public hearing in the neighborhood to determine the matter.
24. How will the PLB choose a buyer if there are several Qualified End Users?
The PLB will prioritize buyers as follows:
- Low- to Moderate-Income Owners Occupants verified by the PLB; then
- Owner Occupants; then
- Owners renting to immediate family members verified by the PLB; then
- Rental, land contract, or resale opportunities.
If there are buyers with equal priorities, then the PLB will accept the highest and best purchase offer for the property.
25. What if the new user does not renovate the structure as described initially to the PLB?
If the end user does not comply with the Renovation Plan, the agreement with the PLB may go into default, initiating a process with the PLB which could eventually result in the PLB taking the property back into its ownership in lieu of payment back to them.
26. How can a contractor work with the PLB?
A contractor can work with the PLB once they have been pre-qualified by the PLB, or if they have completed an independent contractor agreement with the PLB. These requirements are detailed in.**