PAR Presidents attend governor's bill signing

The state’s new land bank legislation was recently signed by Gov. Tom Corbett in Philadelphia.

PAR’s 2013 President Bette McTamney and 2012 President Frank Jacovini joined the governor and Rep. John Taylor (R-Philadelphia) during the official ceremony. The legislation allows local municipalities to create land banks as a means to attack urban blighted properties.

Sponsored by Taylor, the legislation will gives counties, cities or boroughs with a population of 10,000 or more the ability to create a land bank. Smaller municipalities can work together in a partnership to meet the population criteria.

Land banks are locally created and controlled entities with the single purpose of inventorying, managing and marketing blighted, abandoned and tax foreclosed properties. Land banks are state enabled and make sure every property has a clear, insurable title, helping deteriorated and unused properties get back onto market.

McTamney said, “We believe land banks will help larger cities streamline the process of selling abandoned and blighted properties.”

A strong proponent of PAR’s Community Reinvestment (CORE) program, Jacovini said this could make it easier for municipalities to work with Realtors® and adopt the CORE program. “As municipalities struggle to find new sources of revenue to fund their services, CORE will help local governments generate much-needed revenue by selling government-owned properties and getting them back on the tax rolls,” he said.