Pa. Gov. Signs Legislation To Salvage Distressed Properties

Law360, Philadelphia (October 26, 2012, 3:04 PM EDT) -- Pennsylvania Gov. Tom Corbett on Wednesday signed legislation allowing the state’s municipalities to create public land bank authorities in order to acquire, manage and develop tax-foreclosed properties.

The legislation, which cleared the state’s General Assembly last week, is intended to give municipalities a tool to attack blight by giving them the power to accumulate land and return it to productive use.

"The overall mission of a land bank is to find new and responsible owners to acquire distressed properties, while engaging the market on terms that...
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