Nebraska LB1135 amends the Nebraska Municipal Land Bank Act to revise board member qualifications, establish property acquisition limits, and.

Nebraska LB1135 updates the Nebraska Municipal Land Bank Act by changing board member qualifications, setting property acquisition limits, and redefining land bank powers. The bill mandates that board members have specific experience in areas like banking, real estate development, and affordable housing. It limits the percentage of parcels a land bank can hold based on the municipality's class. The bill also specifies that land banks cannot acquire commercial property unless it has been vacant for three years or the owner failed to remove a nuisance.

Nebraska LB1135 amends the Nebraska Municipal Land Bank Act to revise board member qualifications, establish property acquisition limits, and.

Nebraska LB1135 updates the Nebraska Municipal Land Bank Act by changing board member qualifications, setting property acquisition limits, and redefining land bank powers. The bill mandates that board members have specific experience in areas like banking, real estate development, and affordable housing. It limits the percentage of parcels a land bank can hold based on the municipality's class. The bill also specifies that land banks cannot acquire commercial property unless it has been vacant for three years or the owner failed to remove a nuisance.