{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-7508.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-7508.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-7508.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-7508.html"}],"law_id":74738,"edition_id":1,"section_id":74738,"structure_id":14164,"section_number":"15.2-7508","catch_line":"Disposition of property","history":"2016, cc. 159, 383.","full_text":"A\n\nThe land bank entity shall hold in its own name all real property acquired by the land bank entity regardless of the identity of the transferor of such property.B\n\nThe land bank entity shall maintain and make available for public review and inspection an inventory of all real property held by the land bank entity.C\n\nThe land bank entity shall determine and set forth in policies and procedures of its board the general terms and conditions for consideration to be received by the land bank entity for the transfer of real property and interests in real property, which consideration may take the form of monetary payments and secured financial obligations, covenants, and conditions related to the present and future use of the property; contractual commitments of the transferee; and such other forms of consideration as determined by the land bank entity to be in the best interest of the land bank entity.D\n\nThe land bank entity may convey, exchange, sell, transfer, lease as lessee, grant, and release any and all interests in, upon, or to real property of the land bank entity.E\n\nA locality may, in its ordinance creating a land bank entity:1\n\nEstablish a ranking of priorities for the use of real property conveyed by a land bank entity, including (i) use for purely public spaces and places; (ii) use for affordable housing; (iii) use for retail, commercial, or industrial activities; (iv) preservation or rehabilitation of historic properties within historic areas as defined in § 15.2-2201; and (v) such other uses and in such priority as determined by the participating locality;2\n\nRequire that any particular form of disposition of real property, or any disposition of real property located within specified jurisdictions, be subject to specified voting and approval requirements of the board. Except and unless restricted or constrained in this manner, the board may delegate to officers and employees of the land bank entity the authority to enter into and execute agreements, instruments of conveyance, and all other related documents pertaining to the conveyance of real property by the land bank entity; and3\n\nRequire that the acquisition, management, and disposition of any historic property as designated by the locality in accordance with § 15.2-2306 or within a historic area as defined in § 15.2-2201 be considered subject to the requirements of § 15.2-2306.","order_by":null,"text":{"0":{"id":268597,"text":"The land bank entity shall hold in its own name all real property acquired by the land bank entity regardless of the identity of the transferor of such property.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":268598,"text":"The land bank entity shall maintain and make available for public review and inspection an inventory of all real property held by the land bank entity.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":268599,"text":"The land bank entity shall determine and set forth in policies and procedures of its board the general terms and conditions for consideration to be received by the land bank entity for the transfer of real property and interests in real property, which consideration may take the form of monetary payments and secured financial obligations, covenants, and conditions related to the present and future use of the property; contractual commitments of the transferee; and such other forms of consideration as determined by the land bank entity to be in the best interest of the land bank entity.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":268600,"text":"The land bank entity may convey, exchange, sell, transfer, lease as lessee, grant, and release any and all interests in, upon, or to real property of the land bank entity.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":268601,"text":"A locality may, in its ordinance creating a land bank entity:","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"E1"},"5":{"id":268602,"text":"Establish a ranking of priorities for the use of real property conveyed by a land bank entity, including (i) use for purely public spaces and places; (ii) use for affordable housing; (iii) use for retail, commercial, or industrial activities; (iv) preservation or rehabilitation of historic properties within historic areas as defined in § 15.2-2201; and (v) such other uses and in such priority as determined by the participating locality;","type":"section","prefixes":["E","1"],"prefix":"1","entire_prefix":"E1","prefix_anchor":"E1","level":2,"prior_prefix":"E","next_prefix":"E2"},"6":{"id":268603,"text":"Require that any particular form of disposition of real property, or any disposition of real property located within specified jurisdictions, be subject to specified voting and approval requirements of the board. Except and unless restricted or constrained in this manner, the board may delegate to officers and employees of the land bank entity the authority to enter into and execute agreements, instruments of conveyance, and all other related documents pertaining to the conveyance of real property by the land bank entity; and","type":"section","prefixes":["E","2"],"prefix":"2","entire_prefix":"E2","prefix_anchor":"E2","level":2,"prior_prefix":"E1","next_prefix":"E3"},"7":{"id":268604,"text":"Require that the acquisition, management, and disposition of any historic property as designated by the locality in accordance with § 15.2-2306 or within a historic area as defined in § 15.2-2201 be considered subject to the requirements of § 15.2-2306.","type":"section","prefixes":["E","3"],"prefix":"3","entire_prefix":"E3","prefix_anchor":"E3","level":2,"prior_prefix":"E2"}},"ancestry":[{"id":14164,"edition_id":1,"name":"Land Bank Entities Act","identifier":"75","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:47:06","date_modified":"2026-06-26 03:47:06","permalink":{"id":160831,"object_type":"structure","relational_id":14164,"identifier":"75","token":"15.2\/IV\/75","url":"\/15.2\/IV\/75\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58584,"structure_id":14164,"section_number":"15.2-7500","catch_line":"Definitions","url":"\/15.2-7500\/","token":"15.2\/IV\/75\/15.2-7500","metadata":false},{"id":55330,"structure_id":14164,"section_number":"15.2-7501","catch_line":"Creation of land bank entities by localities","url":"\/15.2-7501\/","token":"15.2\/IV\/75\/15.2-7501","metadata":false},{"id":61880,"structure_id":14164,"section_number":"15.2-7502","catch_line":"Public hearing required prior to creation or designation of a land bank entity","url":"\/15.2-7502\/","token":"15.2\/IV\/75\/15.2-7502","metadata":false},{"id":68906,"structure_id":14164,"section_number":"15.2-7503","catch_line":"Board of directors; qualifications; terms; vacancies; compensation and expenses","url":"\/15.2-7503\/","token":"15.2\/IV\/75\/15.2-7503","metadata":false},{"id":67445,"structure_id":14164,"section_number":"15.2-7504","catch_line":"Executive director; staff","url":"\/15.2-7504\/","token":"15.2\/IV\/75\/15.2-7504","metadata":false},{"id":59914,"structure_id":14164,"section_number":"15.2-7505","catch_line":"Financial interests of board members and employees prohibited","url":"\/15.2-7505\/","token":"15.2\/IV\/75\/15.2-7505","metadata":false},{"id":83436,"structure_id":14164,"section_number":"15.2-7506","catch_line":"Powers of land bank entity","url":"\/15.2-7506\/","token":"15.2\/IV\/75\/15.2-7506","metadata":false},{"id":76485,"structure_id":14164,"section_number":"15.2-7507","catch_line":"Acquisition of property","url":"\/15.2-7507\/","token":"15.2\/IV\/75\/15.2-7507","metadata":false},{"id":74738,"structure_id":14164,"section_number":"15.2-7508","catch_line":"Disposition of property","url":"\/15.2-7508\/","token":"15.2\/IV\/75\/15.2-7508","metadata":false},{"id":79346,"structure_id":14164,"section_number":"15.2-7509","catch_line":"Financing of operations","url":"\/15.2-7509\/","token":"15.2\/IV\/75\/15.2-7509","metadata":false},{"id":73952,"structure_id":14164,"section_number":"15.2-7510","catch_line":"Exemption from taxes or assessments","url":"\/15.2-7510\/","token":"15.2\/IV\/75\/15.2-7510","metadata":false},{"id":62530,"structure_id":14164,"section_number":"15.2-7511","catch_line":"Dissolution of land bank entity","url":"\/15.2-7511\/","token":"15.2\/IV\/75\/15.2-7511","metadata":false},{"id":62244,"structure_id":14164,"section_number":"15.2-7512","catch_line":"Designation of planning district commission or existing nonprofit entities to carry out the functions of a land bank entity","url":"\/15.2-7512\/","token":"15.2\/IV\/75\/15.2-7512","metadata":false}],"previous_section":{"id":76485,"structure_id":14164,"section_number":"15.2-7507","catch_line":"Acquisition of property","url":"\/15.2-7507\/","token":"15.2\/IV\/75\/15.2-7507","metadata":false},"next_section":{"id":79346,"structure_id":14164,"section_number":"15.2-7509","catch_line":"Financing of operations","url":"\/15.2-7509\/","token":"15.2\/IV\/75\/15.2-7509","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-7508\/","history_text":"

This law was first created in 2016. The record of its establishment is cataloged in chapters 159<\/a> and 383<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":77758,"section_number":"15.2-2201","catch_line":"Definitions","order_by":null,"url":"\/15.2-2201\/"},{"id":73526,"section_number":"15.2-2306","catch_line":"Preservation of historical sites and architectural areas; civil penalty","order_by":null,"url":"\/15.2-2306\/"}],"permalink":{"id":160865,"object_type":"law","relational_id":74738,"identifier":"15.2-7508","token":"15.2\/IV\/75\/15.2-7508","url":"\/15.2-7508\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-7508\/","token":"15.2\/IV\/75\/15.2-7508","dublin_core":{"Title":"Disposition of property","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7508","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The land bank entity<\/span> shall hold in its own name all real property<\/span> acquired by the land bank entity<\/span> regardless of the identity of the transferor of such property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The land bank entity<\/span> shall maintain and make available for public review and inspection an inventory of all real property<\/span> held by the land bank entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The land bank entity<\/span> shall determine and set forth in policies and procedures of its board<\/span> the general terms and conditions for consideration to be received by the land bank entity<\/span> for the transfer of real property<\/span> and interests in real property<\/span>, which consideration may take the form of monetary payments and secured financial obligations, covenants, and conditions related to the present and future use of the property; contractual commitments of the transferee; and such other forms of consideration as determined by the land bank entity<\/span> to be in the best interest of the land bank entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The land bank entity<\/span> may convey, exchange, sell, transfer, lease as lessee, grant, and release any and all interests in, upon, or to real property<\/span> of the land bank entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A locality<\/span> may, in its ordinance<\/span> creating a land bank entity<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Establish a ranking of priorities for the use of real property<\/span> conveyed by a land bank entity<\/span>, including (i) use for purely public spaces and places; (ii) use for affordable housing; (iii) use for retail, commercial, or industrial activities; (iv) preservation or rehabilitation of historic properties within historic areas as defined in § 15.2-2201<\/a>; and (v) such other uses and in such priority as determined by the participating locality<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Require that any particular form of disposition<\/span> of real property<\/span>, or any disposition<\/span> of real property<\/span> located within specified jurisdictions<\/span>, be subject to specified voting and approval requirements of the board<\/span>. Except and unless restricted or constrained in this manner, the board<\/span> may delegate to officers and employees of the land bank entity<\/span> the authority<\/span> to enter into and execute agreements, instruments of conveyance, and all other related documents pertaining to the conveyance of real property<\/span> by the land bank entity<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Require that the acquisition, management, and disposition<\/span> of any historic property as designated by the locality<\/span> in accordance with § 15.2-2306<\/a> or within a historic area as defined in § 15.2-2201<\/a> be considered subject to the requirements of § 15.2-2306<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISPOSITION OF PROPERTY (\u00a7 15.2-7508)\n\nA. The land bank entity shall hold in its own name all real property acquired by\nthe land bank entity regardless of the identity of the transferor of such\nproperty.\n\nB. The land bank entity shall maintain and make available for public review and\ninspection an inventory of all real property held by the land bank entity.\n\nC. The land bank entity shall determine and set forth in policies and procedures\nof its board the general terms and conditions for consideration to be received\nby the land bank entity for the transfer of real property and interests in real\nproperty, which consideration may take the form of monetary payments and secured\nfinancial obligations, covenants, and conditions related to the present and\nfuture use of the property; contractual commitments of the transferee; and such\nother forms of consideration as determined by the land bank entity to be in the\nbest interest of the land bank entity.\n\nD. The land bank entity may convey, exchange, sell, transfer, lease as lessee,\ngrant, and release any and all interests in, upon, or to real property of the\nland bank entity.\n\nE. A locality may, in its ordinance creating a land bank entity:\n\n 1. Establish a ranking of priorities for the use of real property conveyed by\n a land bank entity, including (i) use for purely public spaces and places;\n (ii) use for affordable housing; (iii) use for retail, commercial, or\n industrial activities; (iv) preservation or rehabilitation of historic\n properties within historic areas as defined in § 15.2-2201; and (v) such\n other uses and in such priority as determined by the participating locality;\n\n 2. Require that any particular form of disposition of real property, or any\n disposition of real property located within specified jurisdictions, be\n subject to specified voting and approval requirements of the board. Except and\n unless restricted or constrained in this manner, the board may delegate to\n officers and employees of the land bank entity the authority to enter into and\n execute agreements, instruments of conveyance, and all other related documents\n pertaining to the conveyance of real property by the land bank entity; and\n\n 3. Require that the acquisition, management, and disposition of any historic\n property as designated by the locality in accordance with § 15.2-2306 or\n within a historic area as defined in § 15.2-2201 be considered subject to\n the requirements of § 15.2-2306.\n\nHISTORY: 2016, cc. 159, 383.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}