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REUSING PROBLEM PROPERTIES TO CREATE
       OPPORTUNITIES FOR CITIES

      Presentation by Diane Sterner
     Housing and Community Development Network of NJ
REUSING PROBLEM PROPERTIES TO CREATE
       OPPORTUNITIES FOR CITIES
   Restoring Vacant and Problem
     Properties is Critical to:

  Creating vibrant communities
  Improving communities’ bottom line

“If a city can’t control its land, it can’t control its future.”
                            --- Former Baltimore Mayor Martin O’Malley
REUSING PROBLEM PROPERTIES TO CREATE
        OPPORTUNITIES FOR CITIES
 Challenges in New Jer sey’s Cities


 Weak housing market and economy

 Foreclosure crisis
 State budget problems/cuts in state aid

 Market won’t come back easily or on its own
REUSING PROBLEM PROPERTIES TO CREATE
        OPPORTUNITIES FOR CITIES
    USING EXISTING PROPERTY
           INVENTORY
          BETTER CAN:
 Create more homes and jobs

 Increase safety and reduce crime

 Save money and grow the tax base


   New Jersey needs better laws, systems and
   strategies to reclaim problem properties
REUSING PROBLEM PROPERTIES TO CREATE
         OPPORTUNITIES FOR CITIES
 CURRENT TOOLS TO HELP RECLAIM
AND PRESERVE PROBLEM PROPERTIES
             IN NJ:
  Accelerated tax foreclosure for
   abandoned properties
  Abandoned property list
  Spot blight eminent domain
  Vacant property registration ordinance
  Creditor responsibility law for properties in
   foreclosure
REUSING PROBLEM PROPERTIES TO CREATE
        OPPORTUNITIES FOR CITIES
    CURRENT TOOLS (cont’d):

 Code enforcement powers
 Nuisance abatement
 Redevelopment powers
These tools can combine in a powerful way to return
properties to productive use.
More cities and CDCs are using tools creatively as a result
of our partnership
REUSING PROBLEM PROPERTIES TO CREATE
       OPPORTUNITIES FOR CITIES

But More Tools Are Needed
 We are working on:
            Land Banking Proposal
            Tax Sale Reform
            Expedited Foreclosure for Vacant
             Properties
REUSING PROBLEM PROPERTIES TO CREATE
          OPPORTUNITIES FOR CITIES
Land Banking Proposal (A.1648/S.583):
 Purpose: to integrate functions needed to acquire
 problem properties and return to beneficial use.
 Permits towns to designate redevelopment entities to
 act as a land bank on their behalf:
 redevelopment agencies
 housing authorities
 county improvement authorities
 nonprofit entities.
REUSING PROBLEM PROPERTIES TO CREATE
         OPPORTUNITIES FOR CITIES
Land Banking Proposal (A.1648/S.583):

  Land banks can:

     Assemble properties for redevelopment
     Provide CDCs with a supply of houses to
      rehabilitate
     Sell lots to adjacent homeowners to use as side
      lots
     Redevelop pivotal sites to spur redevelopment
REUSING PROBLEM PROPERTIES TO CREATE
         OPPORTUNITIES FOR CITIES
Land Banking Proposal (A.1648/S.583):

 Land banks may obtain properties through:
    Conveyance of city-owned properties
    Assignment of city-owned liens or purchasing
     liens at tax sale
    Carrying out lien foreclosures
    Eminent domains
    Gifts or purchase
REUSING PROBLEM PROPERTIES TO CREATE
         OPPORTUNITIES FOR CITIES

Land Banking Proposal (A.1648/S.583):
  Other Features:
   Formal agreement between town and land bank
   Properties may be exempt from taxes if land bank is a non-
    profit
   Community advisory board will provide input
   May serve other municipalities through shared services
    agreement
   May receive up to 50% of new property taxes for up to 10
    years on parcels conveyed to private entities
REUSING PROBLEM PROPERTIES TO CREATE
         OPPORTUNITIES FOR CITIES
LAND BANKS HAVE PUT THOUSANDS OF
 PROPERTIES BACK ON THE TAX ROLLS
         IN OTHER PLACES:
    30+counties in Michigan have land banks
    12+ Ohio counties have or are creating land
     banks under a new state enabling law.
    NY State is implementing a recently adopted
     land bank law
    PA legislature is considering a similar
     proposal.
REUSING PROBLEM PROPERTIES TO CREATE
        OPPORTUNITIES FOR CITIES
      TAX SALE LAW PROPOSAL :

The tax foreclosure process is main way for
towns to gain control of problem properties.

 NJ tax sale law requires auction of tax liens to 3rd
party bidders (unless towns can budget up front
within their 2% cap)

 Result is loss of control over properties and loss
of potential revenue.
REUSING PROBLEM PROPERTIES TO CREATE
          OPPORTUNITIES FOR CITIES
            TAX SALE PROPOSAL
Purpose: would allow towns to:
 Gain control of tax delinquent properties by presumptive
  bid without having to compete with private investors
 Acquire liens on tax delinquent properties with no upfront
  appropriation.
 Issue delinquent tax anticipation notes (DTANs) secured
  by these liens, either individually or jointly with other
  municipalities.
 Permissive legislation - towns are not required to do this
REUSING PROBLEM PROPERTIES TO CREATE
          OPPORTUNITIES FOR CITIES
       TAX SALE LAW PROPOSALS:
Benefits:
   Towns could acquire liens selectively for targeted
    strategies or in bulk
   Properties not redeemed could be foreclosed and
   conveyed for redevelopment
   DTANs could plug budget gap while allowing town to keep
   fees and interest that now go to investors/ speculators
In drafting phase now
Expect to have legislation introduced by the restart of the
legislative session
REUSING PROBLEM PROPERTIES TO CREATE
          OPPORTUNITIES FOR CITIES
EXPEDITED MORTGAGE FORECLOSURE
    FOR VACANT PROPERTIES:

Purpose: Accelerate process to preserve homes and
prevent neighborhood deterioration

Included in new Residential Foreclosure Transformation
Bill (S.1566)
Judge can expedite foreclosure if there is no legal
resident or tenant for 45 days or more.
REUSING PROBLEM PROPERTIES TO CREATE
       OPPORTUNITIES FOR CITIES
  HOW YOU CAN GET INVOLVED:

Help get local resolutions enacted in support of
Land Banking legislation
Write letters to the editor about the need for tools
to repurpose problem properties
Meet with your state officials about the need for
these tools
 Sponsor activities in your community to create
momentum for better solutions
REUSING PROBLEM PROPERTIES TO CREATE
       OPPORTUNITIES FOR CITIES
             COMING UP

                          The
                   Second Institute for
                  Community Leadership

                    September 11 & 12
                       Location TBD
REUSING PROBLEM PROPERTIES TO CREATE
         OPPORTUNITIES FOR CITIES

         THANK YOU!
HCDN Contact info:
    dsterner@hcdnnj.org or sberger@hcdnnj.org
                   www.hcdnnj.org
    Like us on Facebook (facebook.com/hcdnnj)
        Follow us on Twitter (twitter/hcdnnj)

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NJ Future Forum 2012 Problem Properties Sterner

  • 1. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES Presentation by Diane Sterner Housing and Community Development Network of NJ
  • 2. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES Restoring Vacant and Problem Properties is Critical to:  Creating vibrant communities  Improving communities’ bottom line “If a city can’t control its land, it can’t control its future.” --- Former Baltimore Mayor Martin O’Malley
  • 3. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES Challenges in New Jer sey’s Cities  Weak housing market and economy  Foreclosure crisis  State budget problems/cuts in state aid  Market won’t come back easily or on its own
  • 4. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES USING EXISTING PROPERTY INVENTORY BETTER CAN:  Create more homes and jobs  Increase safety and reduce crime  Save money and grow the tax base New Jersey needs better laws, systems and strategies to reclaim problem properties
  • 5. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES CURRENT TOOLS TO HELP RECLAIM AND PRESERVE PROBLEM PROPERTIES IN NJ:  Accelerated tax foreclosure for abandoned properties  Abandoned property list  Spot blight eminent domain  Vacant property registration ordinance  Creditor responsibility law for properties in foreclosure
  • 6. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES CURRENT TOOLS (cont’d):  Code enforcement powers  Nuisance abatement  Redevelopment powers These tools can combine in a powerful way to return properties to productive use. More cities and CDCs are using tools creatively as a result of our partnership
  • 7. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES But More Tools Are Needed We are working on:  Land Banking Proposal  Tax Sale Reform  Expedited Foreclosure for Vacant Properties
  • 8. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES Land Banking Proposal (A.1648/S.583): Purpose: to integrate functions needed to acquire problem properties and return to beneficial use. Permits towns to designate redevelopment entities to act as a land bank on their behalf: redevelopment agencies housing authorities county improvement authorities nonprofit entities.
  • 9. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES Land Banking Proposal (A.1648/S.583): Land banks can:  Assemble properties for redevelopment  Provide CDCs with a supply of houses to rehabilitate  Sell lots to adjacent homeowners to use as side lots  Redevelop pivotal sites to spur redevelopment
  • 10. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES Land Banking Proposal (A.1648/S.583): Land banks may obtain properties through:  Conveyance of city-owned properties  Assignment of city-owned liens or purchasing liens at tax sale  Carrying out lien foreclosures  Eminent domains  Gifts or purchase
  • 11. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES Land Banking Proposal (A.1648/S.583): Other Features:  Formal agreement between town and land bank  Properties may be exempt from taxes if land bank is a non- profit  Community advisory board will provide input  May serve other municipalities through shared services agreement  May receive up to 50% of new property taxes for up to 10 years on parcels conveyed to private entities
  • 12. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES LAND BANKS HAVE PUT THOUSANDS OF PROPERTIES BACK ON THE TAX ROLLS IN OTHER PLACES:  30+counties in Michigan have land banks  12+ Ohio counties have or are creating land banks under a new state enabling law.  NY State is implementing a recently adopted land bank law  PA legislature is considering a similar proposal.
  • 13. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES TAX SALE LAW PROPOSAL : The tax foreclosure process is main way for towns to gain control of problem properties.  NJ tax sale law requires auction of tax liens to 3rd party bidders (unless towns can budget up front within their 2% cap)  Result is loss of control over properties and loss of potential revenue.
  • 14. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES TAX SALE PROPOSAL Purpose: would allow towns to:  Gain control of tax delinquent properties by presumptive bid without having to compete with private investors  Acquire liens on tax delinquent properties with no upfront appropriation.  Issue delinquent tax anticipation notes (DTANs) secured by these liens, either individually or jointly with other municipalities.  Permissive legislation - towns are not required to do this
  • 15. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES TAX SALE LAW PROPOSALS: Benefits: Towns could acquire liens selectively for targeted strategies or in bulk Properties not redeemed could be foreclosed and conveyed for redevelopment DTANs could plug budget gap while allowing town to keep fees and interest that now go to investors/ speculators In drafting phase now Expect to have legislation introduced by the restart of the legislative session
  • 16. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES EXPEDITED MORTGAGE FORECLOSURE FOR VACANT PROPERTIES: Purpose: Accelerate process to preserve homes and prevent neighborhood deterioration Included in new Residential Foreclosure Transformation Bill (S.1566) Judge can expedite foreclosure if there is no legal resident or tenant for 45 days or more.
  • 17. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES HOW YOU CAN GET INVOLVED: Help get local resolutions enacted in support of Land Banking legislation Write letters to the editor about the need for tools to repurpose problem properties Meet with your state officials about the need for these tools  Sponsor activities in your community to create momentum for better solutions
  • 18. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES COMING UP The Second Institute for Community Leadership September 11 & 12 Location TBD
  • 19. REUSING PROBLEM PROPERTIES TO CREATE OPPORTUNITIES FOR CITIES THANK YOU! HCDN Contact info: dsterner@hcdnnj.org or sberger@hcdnnj.org www.hcdnnj.org Like us on Facebook (facebook.com/hcdnnj) Follow us on Twitter (twitter/hcdnnj)

Notas del editor

  1. In the last year, we have identified the need for additional tools to help communities gain more control over these properties.