Title 42
State Affairs and Government

CHAPTER 55.2
Housing Land Bank Program

§ 42-55.2-1. Establishment of housing land bank program.

(a) As used herein:

(1) “Housing land bank” or “land bank” means the housing land bank program operated by the Rhode Island housing and mortgage finance corporation (“corporation”), and established pursuant to this chapter.

(b) There is hereby established a program to be operated by the corporation called the “housing land bank” in furtherance of the goal to create affordable housing in the State of Rhode Island. The housing land bank is intended for the purpose of buying, receiving, and holding real property for the development of housing. Real estate assets held by the land bank shall be donated or sold for housing to be developed and owned by an affordable housing developer including a public housing authority or an organization that qualifies under section 501(c)(3) of the Internal Revenue Code (the “code”), in accordance with guidelines developed by the corporation in collaboration with the executive office of housing.

(c) In the event that no eligible entity can be identified to redevelop any property in the land bank as affordable housing, the corporation reserves the right to sell the property without restriction to the buyer or on the use of the property so long as any net proceeds from the sale of the property are reinvested in the land bank.