Establishes land redevelopment trusts to revitalize abandoned, blighted, and tax-delinquent properties.

The bill creates land redevelopment trusts to address dilapidated, abandoned, blighted, and tax-delinquent properties. These trusts can acquire, rehabilitate, and sell or lease properties. They cannot exercise eminent domain, possess tax sale certificates, or acquire properties outside their jurisdiction. The bill outlines procedures for property acquisition, disposition, and taxation. It also details governance, including board composition, conflicts of interest, and financial transparency. The bill exempts land redevelopment trusts from taxation and requires annual reporting.

Establishes land redevelopment trusts to revitalize abandoned, blighted, and tax-delinquent properties.

The bill creates land redevelopment trusts to address dilapidated, abandoned, blighted, and tax-delinquent properties. These trusts can acquire, rehabilitate, and sell or lease properties. They cannot exercise eminent domain, possess tax sale certificates, or acquire properties outside their jurisdiction. The bill outlines procedures for property acquisition, disposition, and taxation. It also details governance, including board composition, conflicts of interest, and financial transparency. The bill exempts land redevelopment trusts from taxation and requires annual reporting.