Vacant and abandoned properties present a variety of challenges to municipalities: they degrade the aesthetic appeal of neighborhoods, pose safety risks and lower the value of surrounding properties. Communities burdened by vacant property also miss out on considerable revenue — while local governments face increased maintenance costs. And more often than not, attempts to redevelop these properties are thwarted by complicated tax foreclosure processes.

To help alleviate these headaches, some communities are enacting legislation to create land banks, which would acquire and manage abandoned properties so they can be saved for development and returned to productive uses.

One such productive use that land banks can help cities achieve is equitable transit-oriented development (ETOD). When municipalities establish land banks with the goal of creating ETOD, they’re not simply collecting underutilized land; they’re taking the first steps toward improving access to economic opportunity and housing choice for low-income people.

The concept is still a young one, but land banks are already enabling communities to address neglected properties, fight blight, and promote ETOD. With funding from the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program, Denver, Colorado developed a TOD-focused land banking fund — the first in the country — which has already created 626 affordable homes, 120,000 square feet of commercial space and over 700 jobs. Charlotte, North Carolina has also established a similar acquisition fund to purchase land for mixed-income, mixed-use TOD along its South Corridor light rail line.

How do cities in the tri-state region compare? New Jersey is currently working with advocates and legislators to secure passage of a land bank bill, and Connecticut has a similar program that provides grants and loans for the costs of acquiring land to be developed as housing for low- and moderate-income families.

New York has had a Land Bank Act on the books since July of 2011, and since then, eight land banks have been established across the state. Because of the diverse nature of New York’s communities, land banks have had to adapt to different local contexts. For example, the creation of a land bank in Onondaga County led to the establishment of a comprehensive foreclosure policy, while Suffolk County‘s land bank program is focused on facilitating the sale and redevelopment of brownfields.