The Vermont Department of Housing and Community Development has completed a study examining the potential to create a Land Bank in the state.
During the last session, the Vermont legislature required the department and the Vermont League of Cities and Towns to determine if a statewide Land Bank could be created.
A Land Bank is a quasi-governmental entity that repurposes vacant and tax delinquent properties.
In a report sent to the Legislature on January 15th, Economic Development Commissioner Joan Goldstein says “If Vermont adopted a Land Bank model, it could help smaller communities achieve their economic development goals.”
The report cautions that a Land Bank must have a dedicated and sustainable funding source to be effective.
