Pittsburgh Land Bank reports $1.9M in net assets, approves $4,750 insurance renewal

Director Wanda Wilson presented the Land Bank's May financials and told the board the organization is in a strong financial position with approximately $1.9 million in net assets. The board voted to accept the closed May financials.

Following the financial report, the board approved renewal of the Land Bank’s commercial general liability insurance with the Housing and Redevelopment Insurance Exchange for $4,750, to be paid from ARPA funds, and authorized the acting executive director to execute the necessary documents.

Wilson said the Land Bank's transition to a new bookkeeping company has improved the timeliness and detail of month-end reporting and that staff can now more clearly see purchase and sale activity in the financials. “We continue to be in a strong financial position,” she told the board, noting the month closed quickly and cited the $1.9 million net assets figure.

Staff updates that followed the votes summarized operational progress: the Land Bank has completed 18 sales this year (126 lifetime), is preparing multiple parcels for listing in the pilot residential rehab program, and recently listed a historic property at 1321 Jeff Street in Sheridan. Staff described buyer requirements for the pilot rehab program (proof of funding, a rehab plan and, for owner-occupants, a five-year deed restriction) and noted outreach events including an upcoming homeownership fair and a reclaiming vacant properties conference in September.

The board set its next regular meeting for July 10 and adjourned.