New Jersey Land BanksAcross the country, over 300 land banks are mitigating the harms of vacant, abandoned, and deteriorated (VAD) properties on neighbors and neighborhoods, and advancing equitable, inclusive, and resilient communities. A land bank is a public or nonprofit entity with a unique purpose to put vacant, abandoned, and deteriorated properties back to productive use according to community goals. In recent years, communities with existing inventories of vacant properties are turning to land banks to support local affordable housing goals as markets continue to heat up and the supply of quality, affordable homes are unmet. In July 2019, thanks to tireless advocacy from HCDNNJ, Assemblywoman Mila Jasey, and other leaders and organizations across the state, Governor Phil Murphy signed the “New Jersey Land Bank Law” giving municipalities the authority to form land banks. However, since then, only the City of Newark has moved forward with creating a land bank. This slow start is understandable due to the overwhelming urgent needs created by the COVID-19 pandemic. Through a two-year initiative HCDNNJ, in partnership with the Center for Community Progress, sought to assess land banking as a potential strategy to address VAD properties across the Garden State. What we found is that some cities in New Jersey have significant inventories of VAD properties that are causing harm to neighbors and neighborhoods. We also found that other cities are experiencing significant upward market trends and vacancy rates are decreasing, which is a trend to celebrate. However, the rapidly changing markets bring with it new challenges, like involuntary displacement and affordability challenges, particularly for low-income households or vulnerable populations. Communities that still have VAD properties need to be thinking strategically and with urgency on how to acquire, or compel the transfer of these properties to mission aligned partners to meet critical community needs, either through establishing a land bank (for widespread vacant properties), or leveraging the existing legal tools under the Abandoned Properties Rehabilitation Act (for scatter vacant properties). To learn more about land banking in New Jersey, check out the resources below: New Jersey Land Bank Resources: Briefs and technical assistance reports:
Webinars
New Jersey Land Banks National Land Bank Resources Briefs and Reports
About the Land Bank Launch Initiative: These resources above were developed by HCDNNJ, in partnership with the Center for Community Progress, through a two-year initiative aimed at assessing land banking as a potential strategy to address vacant, abandoned and deteriorated (VAD) properties across the Garden State. The activities of this initiative included:
|
Supporters
