Land Banking Fund Policy
The 2021 City of Madison Executive Capital Budget proposes $3 million for a land banking fund. The following policy was created by Housing Strategy Committee and approved by Common Council on June 1, 2021.
1. Program Objective
The objective of the land banking program is best described in the 2021 budget language adopted by the Common Council, which reads as follows:
This program is for the acquisition of land and buildings that could be used for future economic development, affordable housing projects, and other City uses. The goal of this program is to acquire strategic properties for future purposes that might include: assisting displaced businesses, reducing blight, stabilizing housing markets, improving the quality of life of residents and neighborhoods, and preserving land for City purposes.
The City of Madison Common Council will approve the purchase of property under this program. Projects that leverage additional Federal, State, or Local funding (including tax incremental financing or the Affordable Housing Fund) are eligible for land banking investment and shall be subject to these guidelines to the greatest extent practicable, so as to promote consistency with the Program Objective.
More information about the Land Banking Fund Policy can be found here