LB811

Nebraska LB811 amends the Nebraska Municipal Land Bank Act to allow cities of the metropolitan or primary class to form their own land banks.

Nebraska LB811 modifies the Nebraska Municipal Land Bank Act to allow cities of the metropolitan or primary class to establish their own land banks. The bill specifies that a land bank can be created by a single municipality through an ordinance detailing the board's composition, quorum requirements, and member qualifications. The board must include voting members with expertise in various fields such as banking, real estate development, and affordable housing. The bill also outlines the process for removing board members and the conditions under which a land bank can acquire property.