A Study on Specific Feature of Land Banks in Ohio State

Abstract

Land Banks in Ohio State are legalized in a county level, based on experiences of those in Michigan State. They are non-government and non-profit organizations with board of directors including top management of county and municipality governments. The major financial resource for daily operation is delinquent tax and assessment collection fund given by county governments, which is one of their specific feature. Land banks in Ohio State strategically acquire properties through not only traditional judicial system but also administrative one unlike those in Michigan State and return them to productive and tax paying use. In addition to tax delinquent properties, land banks of Ohio acquire foreclosed properties from Housing and Urban Department, Fannie Mae, and large private banks. Nevertheless, their business is not sustainable due to delay of recovery of property market. Continuity of external financial resources for demolition is another big concern.