The Memorandum of Agreement
The MOA establishes the framework for how the land bank will operate in partnership with the City. It describes the primary and subordinate priorities of the land bank, creates a Citizens’ Advisory Panel, outlines conflict of interest requirements, and requires the land bank to draft an operational plan each year, among other items. Elements of the agreement are addressed throughout the Annual Land Bank plan.
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The Virginia General Assembly passed the Land Bank Entities Act, which enabled localities to create land banks in Virginia for the first time. The Act also permits localities to assign land banking authority to existing nonprofit organizations.
MWCLT, in coordination with the Richmond Community Development Alliance (RCDA), elected to pursue this designation from the City of Richmond in order to create a more robust, efficient transfer of tax delinquent properties to nonprofits for affordable housing and other uses. MWCLT worked with City staff and elected officials to draft the necessary ordinance to create this designation.
Richmond City Council adopted Ord. No. 2017-196, which officially designated MWCLT as the land bank for the City of Richmond. A memorandum of agreement (MOA) was drafted and attached to the ordinance to outline the relationship between MWCLT and the City.