Philly Mayor Signs Land Bank Bill Into Law

Law360, Philadelphia (January 13, 2014, 4:33 PM EST) -- Philadelphia Mayor Michael Nutter on Monday signed legislation establishing a municipal land bank, making it the largest city in the U.S. to seek to reduce blight by creating an entity to purchase and sell vacant and delinquent properties.

The new land bank will hold all the deeds to the 9,000 vacant properties currently owned by the city, replacing a property management system that had previously been run by three separate entities. It will also be able to acquire tax-delinquent properties more efficiently, making it easier to...
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