U.S Rep. Drew Ferguson, R-GA, has filed legislation that he says will strengthen neighborhoods, reduce crime and clean up vacant properties in communities across Georgia and the rest of the country. Wednesday, Ferguson teamed with Rep. Dan Kildee, D-MI, to introduce the National Land Bank Network Act – a bipartisan bill that would create a national network to provide resources, technical assistance and grants to help land banks nationwide implement best practices.
Ferguson says this network would also help communities create their own land banks – “a powerful tool to address vacant or abandoned properties and bring greater economic investment to communities.” He added that the National Land Bank Network Act would create a national network to provide resources, technical assistance and grants to help land banks nationwide implement best practices.
“As a former mayor in rural Georgia, I saw first-hand how land banks provided critical opportunities to bring economic growth and future development to local communities that otherwise would not happen,” said Ferguson. “Land banks can be used to revitalize vacant and abandoned properties – and have the unique ability to create value in properties that the private market would normally avoid.”
Ferguson points to the 2008 Great Recession and the subsequent foreclosure crisis which left many small towns and industrial cities with high rates of vacant and abandoned properties.
“These properties destabilize neighborhoods by driving down surrounding property values, creating fire and safety hazards, and draining local tax dollars,” said Ferguson. “Distressed properties are a difficult problem for local communities to resolve. Often, the cost of repairs to maintain these properties and the potential unpaid taxes on such properties exceed the actual property value, discouraging potential buyers.”
In response to this, land banks were developed to help return vacant and tax-delinquent properties to productive uses like economic development and affordable housing. Ferguson added that a federal network for land banks can help expand their reach and capacity to address these challenges and improve neighborhoods across the country.
