The idea was floated by Housing Alternatives, which has promoted adequate, affordable housing in Saint John area for 30 years. In essence, a land bank means a not-for-profit holds the title for a property until they can find a suitable investor to take it over.
Housing Alternatives Executive Director Kit Hickey explains in the event there are vacant parcels of land that are turned over to the city, the land bank would hold them for future development.
Common Councillor Gerry Lowe says it makes sense to let a not-for-profit deal with vacant lots since the city has a lot on its plate already.
Mayor Mel Norton calling the idea a "huge benefit" to the city.
