UPDATE: FORMATION OF THE PHILADELPHIA LAND BANK

June 24 2014

In January of 2014, Mayor Nutter predicted that it could take a year for the City to organize its Land Bank, which had been approved by a December 13, 2013 ordinance.  His prediction is proving accurate.  The Land Bank is now scheduled for full implementation by ‘early’ 2015.

As of the current date, the City, through the Philadelphia Housing Development Corporation (PHDC), is proceeding to prepare a Land Bank Strategic Plan that will guide the PHDC in implementing the new Land Bank legislation.   

According to sources, the City intends to incorporate the Land Bank in July of 2014 and expects a first draft of the Strategic Plan by early October, 2014.  Proposals were due on May 19, 2014.  The Land Bank is expected to have an initial budget of $4,000.000.00, with $500,000.00 being allotted from the City’s general fund.  

Until the Land Bank is implemented, the City will continue to follow its existing processes and procedures for the sale of vacant land through the Vacant Property Review Board.           

Please contact the attorneys at Orphanides & Toner, LLP, for more information about Philadelphia’s new Land Bank and acquiring vacant land from the City.