Philadelphia's Land Bank is finally functioning with its first request for proposals for eight lots in Francisville, located in North Philadelphia.
The Land Bank, created at the end of 2013 to manage redevelopment of the City's vacant land, has been slow moving, taking a year to layout a strategic plan, and another year to acquire desired land.
The eight vacant lots in Francisville are available for free or nominal cost to developers in exchange for housing to be sold for no more than $230,000 each, compared to the area's average home sale price of $325,000. Home buyers can earn no more than 120% of AMI (adjusted median income), which is roughly $96,000 for a family of four, writes Jared Brey for Philadelphia Magazine.
These lots are the first the Land Bank is releasing, but the City intends to post more RFPs for other lots in the near future.