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HUD, under its three-year Neighborhood Stabilization Program, which ended in 2010, gave $80 million to 12 land banks for the acquisition, maintenance and demolition or renovation of some 4,600 properties, according to the aforementioned HUD official, with additional funds going to 63 other nonprofits, many of them involved in land banking activities.
Global Banking News-August 3, 2015--ASIC says Bendigo land banking scheme a failure
Her company Morgan Rey Consultants turned out to be another land banking scam.
7 million, the proceeds of a land banking scheme which misled members of the public in order to induce them to buy plots of land as an investment, when it was not.
Land banking refers to the advance acquisition and reservation of land before development (Tu et al.
Rumours spread after a newspaper advert appeared offering small plots for sale for prospective development - land banking as it was to become known.
Land Registry has published a guide warning against so-called land banking investment schemes which are often advertised as offering big returns on investments in land.
AMLH had been land banking the parcel for future commercial development.
Matthew Stone, a senior examiner in the Official Receiver's public interest unit at the Insolvency Service, said, 'All of the land banking companies that we dealt with, have brought misery and in some instances, tragedy, to unsuspecting members of the public, who were persuaded to part with their savings in exchange for virtually worthless plots of land.
He advertised shares in plots of land across the North West through his Land Banking (UK) plc company.
THE lies behind the latest land banking scam have been laid bare.
Planning legislation which aimed to speed the development application process was brought in two years ago to help defeat the practice of land banking.