We built the first privately owned, financially sustainable land bank. And that's just the beginning of the Parcel Revenue story.
They said a land bank could not exist without government funding or "special" access to unproductive real estate. We said, "watch this".
“Parcel Revenue’s technology allows us to function as land bank, converting unproductive parcels to productive use without waiting years for those properties to sit vacant and destroy the community. We can build relationships with distressed property owners that lead to properties being sold and renovated without property owners facing harsh fines and court-ordered sanctions like jail. Most importantly, the technology tells us exactly where in the community capital can be invested and returned quickly so we can pay our bills and improve the community with a single initiative.”
– Wuaren Tyree, Community Outreach Director at the Abandoned Homes Project®
In 2009, the U.S. Department of Housing and Urban Development recognized land banking as the best practice for communities struggling to combat an ever-worsening “zombie home” crisis. Our founder, based on his experience converting over 500 unproductive parcels to productive use and intricate understanding of cloud computing, respectfully disagreed. He believed that partnering land banks, municipal governments, and private investment into struggling communities was best practice.
By creating a system that tracked the root causes of vacancies (divorce, death, business failure, foreclosure, predatory lending, etc.) to proactively predict and resolve vacancies, the groundwork was created for a private land bank that could do what no land bank in history had done:
- Resolve vacancies before they occurred to steer distressed properties back to the real estate marketplace
- Cure current vacancies by providing free legal assistance to owners of vacant and abandoned properties
- Convert unproductive parcels to productivity within weeks or months versus the multi-year processes used by local governments
- Enforce subsequent conditions on purchasers of distressed real estate without government intervention via contract law
- Strategically invest in distressed communities to achieve financial sustainability without government intervention