Ashtabula County Land Reutilization Corporation (Land Bank)
The Ashtabula County Land Reutilization Corporation (aka Land Bank) is an entity that is formed under sections 1724 and 5722 of the Ohio Revised Code. A Land Bank’s purpose is to strategically acquire vacant and delinquent properties, return them to productive use, reduce blight, increase property values, support community goals, and improve the quality of life for county residents.
The benefits of a county Land Bank, aside from reducing blight and raising neighborhood market values, include the ability to extinguish taxes and liens to make the property more marketable to a prospective owner, therefore returning the delinquent parcel to tax collecting, productive status. The Land Bank also paves the way for possible access to funding not normally available to blighted properties.