§ 2111. Financing of land bank operations.

236 words·~1 min read·/pa/title-68/chapter-21/2111

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)General rule.-- A land bank may receive funding through grants and loans from:

(1)the Federal Government;

(2)the Commonwealth;

(3)a municipality;

(4)the land bank jurisdiction which created the land bank; and

(5)private sources.

(b)Funding.-- A land bank may receive and retain payments for services rendered, for rents and leasehold payments received, for consideration for disposition of real and personal property, for proceeds of insurance coverage for losses incurred, for income from investments and for an asset and activity lawfully permitted to a land bank under this chapter.

(c)Allocated real property taxes.--

(1)A taxing jurisdiction may authorize the remittance or dedication of a portion of real property taxes collected pursuant to the laws of this Commonwealth to a land bank on real property conveyed by a land bank.

(2)Allocation of property tax revenues in accordance with this subsection, if authorized by the taxing jurisdiction, shall commence with the first taxable year following the date of conveyance and continue for a period of up to five years and may not exceed a maximum of 50% of the aggregate property tax revenues generated by the property.

(3)Remittance or dedication of real property taxes shall include the real property taxes of a school district only if the school district enters into an agreement with the land bank for the remittance or dedication.

68c2112s