• Terms and Conditions – Be sure to review terms and conditions listed at the start of the application. 

• Estimated Budget – This is a total number, but a budget breakdown may be requested to provide more insight into where the funds are expected to be allocated on a project-by-project basis. Be mindful of: 

• • Materials: If this is your first project or you have not completed a project in awhile, take time to research current costs. Costs on items such as lumber and concrete have risen exponentially in recent years. 

• • Materials (Rehab/New Construction): Estimate potential repairs during the property walk-through and the associated cost of materials needed for the project. This may include new systems, countertops, appliances, paint, flooring, and other necessary supplies. 

• • Labor: The most essential part of a rehab project is a good team. Unless you are skilled in rehab and have taken on similar projects in the past, we recommend that you hire professional contractors and other skilled labor to complete all or part of the scope of work. 

• • Permits: Include application fees for permits. For a single-family home, these costs can range anywhere from $500-$5,000+ (Rehabilitation) & $3,000-$15,000+ (New Construction). 

• • Lender Fees: Depending if purchase or project costs are financed, there may be finance fees to cover loan origination costs. 

• • Potential Unexpected Expenses – Many vacant lots were formerly built upon. Soil conditions may include buried foundation/rubble that will require additional site work to be ready for construction. Installing water and sewer lines can add anywhere from $8,000 to $10,000+ to your budget. 

• • Estimated Timeline – A construction timeline, including commencement, completion, and major construction milestones. This is an estimated total timeline from closing to obtaining certificate of occupancy. Things to consider while determining your timeline: 

• • • Time to apply and be issued permit(s) 

• • • Allocate time for unexpected construction delays (weather, material availability) 

• • • Utilities Response Time (Duke, GCWW, MSD) 

• • Scope of Work – This is your master plan for the property and how you plan to go about accomplishing your project. Things to include in your scope of work: 

• • • Type of build – Single Family, Multi Family, Modular, Etc. 

• • • Rooms & Bathrooms – 1 bed – 2 bath, 2 bed 2 bath per unit (Multifamily), etc. 

• • • Contractor – If you plan on hiring a General Contractor (GC), please include their name and their role in the project. If you are the GC, then please include the subcontractors you intend to use and the area they are servicing. For Example: 

• • • • Electric – XYZ Electric 

• • • • HVAC – XYZ HVAC 

• • • • Plumbing – XYZ Plumbing 

• • • • Roofing – XYZ Roofing 

• Acquisition Costs – This will be based on the price listed on the Landbank’s website for each property. These prices are developed using market research, the Landbank’s total investment made to date, and an analysis of each property’s viability for redevelopment. The Landbank may, at its sole discretion, adjust the final sale price depending on factors including documented financial need, proposed use, location, community benefit, demand, surrounding property values, condition of the property, and proposed project timeline. 

• Proof Of Funds – The proof of funds must show funds for two things. 1. Acquisition Costs and 2. Estimated Budget. The Proof of funds may be shown by – Bank Account Balance Sheet (if you are self-financing) or Pre-Approval/Letter of Intent from a lender. 

• End Use – We need to know if you plan on renting/selling/living in, and for rent and sale, we will need to know your anticipated sale price or monthly rent for each unit created. 

• Price Per SqFt – Provide a price per square foot and the total square footage of the building/anticipated build. Recent average rehab/new construction costs on Landbank properties range from $150 – $300 per square foot.  

• Zoning – All applicants will verify their project’s concept adheres to local zoning department regulations.  

• After submittal, an application is assigned to staff for processing. Ensuring your application is fully complete, with all elements completed, will shorten the time needed for review.
  • Confirmation: You will receive confirmation that your application was received within two business days 

• Applicant Screening/review – An applicant’s current residence and any other owned properties will be screen for the following: 

• • Property Tax Delinquency – property taxes that are past due 

• • Code Enforcement – Active/open code orders (Tall Grass, Vehicle Parked on Unpaved Surface, Litter/dumping)  

• • Tax Foreclosure Cases – If the applicant has been the defendant of a tax foreclosure in the last 5 years, they are not eligible for purchasing property through the landbank. 

If any of these apply to the applicant, it makes them automatically ineligible until resolved 

• Application deemed complete: 

• • If any elements/details of an application are missing, staff will notify applicant. An application cannot move to the decision stage until all necessary information has been collected. 

• Application approval or denial is determined by a committee made up of the Port’s leadership staff. The meeting is referred to as the pitch meeting. The pitch meeting occurs bi-weekly, typically on Wednesdays. Staff bring applications to the leadership team and share all details provided by the applicant. The leadership team evaluates the application with the highest and best use of the parcel in mind. 

• • If approved:  

• • • The staff member assigned to your application will notify the applicant. The buyer can expect their PSA (Purchase Sale Agreement) to be drafted in 3-6 weeks. 

• • • Earnest money: The purchaser will be contractually obligated to provide an earnest payment equal to the greater of 5% of the purchase price or $1000. 

• • • The PSA will include redevelopment requirements that mirror your application. These requirements will referred to in a deed restriction upon transfer. The requirements will include the general scope of the project, timeline and end use. As an example, construction of single family home in 18 months. 

• • • Once a PSA is signed. Applicants have a 120 to 180-day pre-development timeline to gather the final documentation described in the “Documents needed to close” Section below. This is a period where the parcel is reserved for the applicant, but if, for any reason, within the pre-development period, the applicant opts to withdraw from purchasing the property, they can, since the property hasn’t closed yet. 

• • If denied:  

• • • The staff member assigned to your application will let you know why the application was denied, and if corrections/changes can be made to allow for reconsideration. 

Stay in touch with your Port contact. 

• Notify them sooner, rather than later, if you encounter or foresee delays. 

• Staff track all sales for contractual compliance. Proactive status updates are appreciated. 

• Photos are required. We love to schedule site visits upon completion to see the property’s transformation.  

• For Structures – Full Rehab is Generally Necessary 
  • Most Landbank properties are not simple “fixer-uppers,” meaning they cannot be fixed with sheer elbow grease and a coat of paint alone. Many will require a full gut rehab, which means that Landbank properties are usually a more comprehensive project as compared to a traditional property purchase. Extensive house rehabs on Landbank properties often involve gutting the property, addressing structural issues, making the property water-tight, and replacing electrical, plumbing, and HVAC.  

• VBML
  • For structures within the City of Cincinnati, you will be required to register with the City of Cincinnati’s VBML (Vacated Building Maintenance License)
  • Please see the link for the https://www.cincinnati-oh.gov/buildings/building-permit-forms-applications/application-forms/all-forms-handouts-checklists-alphabetical-list/vacant-building-maintenance-license-vbml-application-form/ 

• • Visit with the inspector prior to closing – We require a site visit with the City inspector assigned to the property to discuss current code enforcement status and what needs to be addressed right away. 

• How Long Does It Take to Rehab/Develop a Landbank Property?
  •  Depending on the condition and type of project, typically one year or longer. We require purchasers of Landbank properties to provide an estimate of how long it will take to rehab/develop the property. Your agreement to rehab/develop a Landbank property within a certain period of time is always a condition of our sale.  

• If Deadline Has Passed/Is Coming Up
  •  All purchasers may request extensions to their pre-development period, the fee shall be equal to the greater of 15% or $1,000 of the purchase price and may be credited towards the purchase price, but it is non-refundable.
  • Requests for extensions to the development period are also allowed. The first extension is at no cost; any subsequent extensions carry a fee of 15% of the purchase price.
  • All extension requests are subject to approval. All extension fees are due at the time of extension.

• There are several factors to consider when purchasing a Landbank property: 

• • Property Evaluation: Evaluate the property with the help of a professional inspector or a licensed contractor. Walk-throughs of a property are an important step to assess its condition. To stay on budget, it is critical to get a comprehensive list of needed repairs. Overlooking repair items could result in budget overruns.  

• • Find a Reliable Contractor – Finding the right contractor who is Best Qualified to Execute Your Project is imperative: Unless you are performing the work yourself or acting as the general contractor on your project, working with an experienced, quality contractor can be the difference between a good and a great outcome. Be sure to ask your personal network for referrals and spend time checking references and making sure your contractor is licensed and bonded. You also want to make sure that your contractor is someone you can see yourself working with over the duration of the project. 

Deliverables to be submitted at the end of the pre-development period and a condition of closing. 

• Budget and financing for redevelopment, including but not limited to a loan commitment letter from a bank and verification of equity commitment, if applicable.  

• Proof of construction drawings and applicable entitlements to be submitted to the appropriate permitting agency.  

• A construction timeline, including commencement, completion, and major construction milestones.  

• Proof of engagement of the contractor(s) completing the Property redevelopment. 

• Insurance and Permits 
  • Once you’ve decided to move forward with the purchase of a Landbank property, make sure that your property is insured and that you have contacted the building department and secured any needed building permits.