(a) General rule.--A land bank may receive funding through grants and loans from:
(1) the Federal Government;
(2) the Commonwealth;
(3) a municipality;
(4) the land bank jurisdiction which created the land bank; and
(5) private sources.
(b) Funding.--A land bank may receive and retain payments for services rendered, for rents and leasehold payments received, for consideration for disposition of real and personal property, for proceeds of insurance coverage for losses incurred, for income from investments and for an asset and activity lawfully permitted to a land bank under this chapter.
(c) Allocated real property taxes.--
(1) A taxing jurisdiction may authorize the remittance or dedication of a portion of real property taxes collected pursuant to the laws of this Commonwealth to a land bank on real property conveyed by a land bank.
(2) Allocation of property tax revenues in accordance with this subsection, if authorized by the taxing jurisdiction, shall commence with the first taxable year following the date of conveyance and continue for a period of up to five years and may not exceed a maximum of 50% of the aggregate property tax revenues generated by the property.
(3) Remittance or dedication of real property taxes shall include the real property taxes of a school district only if the school district enters into an agreement with the land bank for the remittance or dedication.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 68 - REAL AND PERSONAL PROPERTY
Section 2101 - Scope of chapter
Section 2102 - Legislative findings and purpose
Section 2104 - Creation and existence
Section 2109 - Acquisition of property
Section 2110 - Disposition of property
Section 2111 - Financing of land bank operations
Section 2112 - Borrowing and issuance of bonds
Section 2113 - Public records and public access
Section 2114 - Dissolution of land bank
Section 2115 - Conflicts of interest
Section 2116 - Construction, intent and scope
Section 2117 - Delinquent property tax enforcement
Section 2118 - Expedited quiet title proceedings
Section 2119 - Annual audit and report