Authorizes land banks to lend money, make grants, and hold property as security for loans or grants.

This bill amends the not-for-profit corporation law to authorize land banks to lend money, make grants, and hold real and personal property as security for the payment of funds loaned or for the performance and enforcement of grant agreements. The bill also allows land banks to organize subsidiaries for specific projects, provided the primary reason for the subsidiary is related to the land bank's objectives. The real property of these subsidiaries is exempt from state and local taxation.

Authorizes land banks to lend money, make grants, and hold property as security for loans or grants.

This bill amends the not-for-profit corporation law to authorize land banks to lend money, make grants, and hold real and personal property as security for the payment of funds loaned or for the performance and enforcement of grant agreements. The bill also allows land banks to organize subsidiaries for specific projects, provided the primary reason for the subsidiary is related to the land bank's objectives. The real property of these subsidiaries is exempt from state and local taxation.