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A Redevelopment Authority and a Land Bank are similar in the fact the scope of both organizations are essentially the same: to clean up neighborhoods, rehabilitate structures when possible, and demolish when necessary. The main differences are that the Land Bank has no eminent domain powers, but can "trump" bid at a judicial sale. Properties sold through the Land Bank also have provisions built into the policies and procedures that ensures the Land Bank’s mission.
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Donations from banks or current property owners, strategic purchases in annual tax sale, judicial sale (free-and-clear sale), and/or from the repository list.
No. The Land Bank may rehabilitate a home or stabilize a commercial building and contract out the work, but anyone is able to buy properties out of the Land Bank who have the means and resources necessary to make the identified improvements.