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Relating to the authority of a municipality to adopt a land bank program.
No significant fiscal implication to the State is anticipated.
SB 1117 would allow the governing body of a municipality to adopt a land bank program in which the officer, charged with selling real property ordered sold pursuant to foreclosure of a tax lien, may sell certain eligible real property by private sale for purposes of affordable housing development. This bill would also provide certain requirements for developer participation and public hearings on proposed plans.
Texas Action remains neutral on SB 1117 because it embodies conflicting liberty principles. In the past, we have been neutral on these bills because, while on one hand they interfere in the free market, these programs also address costly impacts of abandoned homes and property. In addition, vacant properties tend to attract crime and remain substantial fire hazards which have a generally negative impact on the surrounding community.