Land Bank Authorities - Powers and Authority

HB 1128 expands the powers of Maryland land bank authorities to better manage properties. It allows land banks to create special funds to attract private investment, make loans or grants for community projects, and form partnerships. The bill also requires land banks to include specific agreements in property sales/leases covering maintenance, use, and other conditions, and permits them to reenter properties if buyers breach these terms (e.g., failing to complete improvements or obtain permits). Additionally, it clarifies that counties or municipalities can authorize land banks to foreclose on vacant, tax-delinquent properties through a specific legal process. These changes aim to strengthen land banks’ ability to revitalize communities while protecting public interests.