| FAQs |
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| Q1: |
What is a land bank? |
| A: |
Land banks are typically entities created to acquire and hold property in anticipation of future development.
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| Q2: |
How is TCC Land Bank different than a typical land bank?
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| A: |
TCC Land Bank is working on several initiatives, including Access to Foreclosed Properties, Loans to Developers, and others.
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| Q3: |
Does TCC Land Bank acquire and hold land?
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| A: |
Yes. TCC Land Bank works with municipalities, organizations, and nonprofit and for-profit organizations to acquire and hold land.
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| Q4: |
Is Twin Cities Community Land Bank a full service bank?
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| A: |
No. TCC Land Bank is not a traditional full service bank or credit union. For example, we do not offer checking accounts, debit cards, car loans, etc. TCC Land Bank is a community lender.
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| Q5: |
Is TCC Land Bank a nonprofit organization?
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| A: |
Yes. TCC Land Bank is a Minnesota nonprofit limited liability company. It is a wholly-owned subsidiary of the nonprofit organization the Family Housing Fund. Click here to learn more.
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| Q6: |
Why is TCC Land Bank needed? |
| A: |
TCC Land Bank is a part of a national effort to mitigate the impact of foreclosed properties on communities.
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| Q7: |
From where does TCC Land Bank get properties?
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| A: |
TCC Land Bank is the Community Coordinator for the National Community Stabilization Trust (“NCST”) for the majority of the seven county metropolitan area. In this program, TCC Land Bank buys foreclosed properties from banks. In addition, TCC Land Bank acquires properties directly from banks that are outside the NCST program.
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| Q8: |
Do you provide financial assistance?
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| A: |
Yes. TCC Land Bank provides community lending, such as loans to developers. TCC Land Bank also has a pool of funds for Homebuyer Assistance, administered by Build Wealth Minnesota, Inc.
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| Q9: |
Are there rules that the developers have to follow?
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| A: |
Yes. Developers agree to adhere to Community Standards regarding owner occupancy, hiring, rehabilitation standards, homebuyer education, and to meet various certification and reporting requirements. Click here for an example of the Community Standards for Single-Family projects.
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| Q10: |
I am a developer and I want to work with you. How do I get started? |
| A: |
TCC Land Bank welcomes new partners! Developers are accepted through our RFP and RFQ processes.
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| Q11: |
I am trying to sell my home. Would TCC Land Bank like to purchase it? |
| A: |
TCC Land Bank is not purchasing single-family homes directly from homeowners. However, if you are interested in donating property, please contact us.
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| Q12: |
I would like to purchase a home. Can TCC Land Bank help me?
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| A: |
TCC Land Bank does not sell directly to homebuyers. You may contact one of our development partners for more information on homes they have available. TCC Land Bank always encourages individuals purchasing a home to take a home buyer education course. The Minnesota Home Ownership Center has more information regarding home buyer workshops (Home Stretch) throughout Minnesota and homebuyer financial assistance. Click here for additional resources. |
