Policy and Procedures for Individual Property Purchases

1. Purpose

The Valdosta/Lowndes County Land Bank (VLCLB) is committed to returning vacant, abandoned, and tax-delinquent properties to productive use while supporting affordable housing, community revitalization, and sustainable development. This policy outlines the procedures for individuals interested in purchasing property from the Land Bank.

2. Eligibility Criteria

Individuals must meet the following requirements to be eligible to purchase property from the Valdosta Land Bank:

• Must be at least 18 years old.

• Must not have outstanding property tax delinquencies or code violations in Valdosta or Lowndes County.

• Must demonstrate the financial capacity to rehabilitate, maintain, or develop the property as proposed.

• Must comply with zoning and land-use regulations.

• Priority will be given to individuals proposing affordable housing, owner-occupancy, or community-benefit projects.

3. Property Availability

• The VLCLB maintains an inventory of available properties, which will be publicly listed on its website and through other public notices.

• Individuals may also request information on specific properties not listed but under the Land Bank’s control.

4. Application Process

1. Submission of Application

   • Complete a Property Purchase Application, including:

     • Personal information and contact details.

     • Proposed use of the property.

     • Evidence of financial capacity (bank statements, pre-approval letters, funding commitments, etc.).

     • Timeline for development or renovation.

     • Plans for property maintenance and compliance with local ordinances.

   • Pay a non-refundable application fee (if applicable).

 

1. Application Review and Evaluation

   • The Land Bank staff will review applications based on:

     • Compliance with eligibility requirements.

     • Feasibility of proposed project.

     • Alignment with community revitalization goals.

   • Additional documentation or interviews may be requested.

2. Approval and Purchase Agreement

   • Approved applicants will receive a conditional approval letter.

   • A Purchase Agreement will be drafted, outlining the sale price, conditions, and development obligations.

   • The buyer must sign the agreement and submit a deposit (if applicable).

5. Pricing and Payment

• Properties will be priced based on market conditions, rehabilitation costs, and community development considerations.

• Payment terms will be outlined in the Purchase Agreement, including any installment options (if applicable).

• Closing costs, recording fees, and transfer taxes will be the responsibility of the buyer.

6. Post-Purchase Requirements

• The buyer must complete rehabilitation or development within the timeframe specified in the Purchase Agreement.

• Compliance inspections may be conducted by the Land Bank or local authorities.

• Failure to comply with terms may result in property reversion to the Land Bank.

7. Closing and Transfer of Title

• Upon meeting all purchase conditions, a closing date will be scheduled.

• The deed will be transferred, and ownership recorded with the appropriate local authority.

8. Additional Considerations

• The Land Bank reserves the right to deny applications that do not align with its mission and community objectives.

• Special incentives or discounts may be available for first-time homebuyers, veterans, and community-focused projects.

• Any disputes regarding the purchase process shall be resolved per the Land Bank’s policies and applicable laws.