BURLINGTON, Vt. (WCAX) – Rundown and vacant properties could be on the path to new life.
The Vermont Department of Housing and Community Development has announced the results of a study that determines the feasibility of creating a Land Bank.
A Land Bank is an entity authorized to make vacant, abandoned, deteriorated, and tax-delinquent properties useful again.
The latest housing needs assessment shows there are almost 11,000 vacant and abandoned homes across the state making up 3% of the housing stock.
That assessment also determined that Vermont needs to add upwards of 36,000 homes by 2029 to meet demand.
The study says Land Banks need a dedicated and sustainable funding source to be effective.