land deposit

Land Deposit

As part of MMLBA’s mission, the Land Deposit Program facilitates the efforts of local nonprofits to redevelop and revitalize Memphis neighborhoods by converting vacant, abandoned, foreclosed, or tax-delinquent properties into productive uses, reducing blight, increasing property values, and improving the quality of life for Memphis residents.

The Land Deposit Program (or the “Program”) involves transactions in which a nonprofit transfers property to MMLBA to be deposited in the Land Bank tax-free. By holding properties in the Land Bank, MMLBA temporarily reduces holding costs for the Nonprofit. While the property is being held by MMLBA, the nonprofit can prioritize assembling additional parcels or engaging in other pre-development activities, such as planning, financing, and structuring, in furtherance of an approved project.