Our Initiatives
Strategic Acquisition
TCC Land Bank is positioned to acquire strategic properties in the seven county metropolitan area on behalf of approved nonprofit and private developers and municipalities.
TCC Land Bank provides developers access to a pipeline of distressed properties through a variety of sources. As the Community Coordinator for the National Community Stabilization Trust, TCC Land Bank facilitates the transfer of property at a reduced price from over 30 national lenders to approved developers. This program, called First Look, allows the purchase of vacant and foreclosed homes before they are publicly listed through traditional REO procedures. Prices are calculated on a discount formula based on cost savings experienced by the lender avoiding certain holding and transaction costs. The price also takes into account the need for below market pricing to enable developers to sustainably renovate houses. In addition, TCC Land Bank has relationships with lenders, credit unions, holding companies, property management companies, and receivers through which property is available.
If property is not land banked, it is immediately transferred from TCC Land Bank to the developer. Developers agree to undertake immediate renovation and to adhere to community standards regarding owner occupancy, minority hiring, rehabilitation standards, homebuyer education, and to meet various certification and reporting requirements. This results in immediate and positive neighborhood impact.
TCC Land Bank also provides fee-based services for developers. Through its existing relationships and past experience, we can perform “reverse searches” to track down property ownership which often has complicated chain of title issues. The brokerage arm, TCC Property Services LLC, can act as a broker/agent upon request.
Developers are selected through an RFQ process. Click here for more information on becoming an approved developer partner.
Click here for an example of the Community Standards for Single-Family projects.
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