Depository Program

Interested in participating in our depository program?

Our Depository Program allows nonprofit organizations and governmental entities to utilize the Land Bank to support ongoing community development efforts.

Learn More Depository Program Application

About the Program

Pursuant to Nebraska Revised Statute Section 18-3408(8), OMLB established the Depository program as a tool to support nonprofit organizations to finalize any redevelopment plans that they may have for the property by “depositing” properties into a portfolio to be managed within the land bank’s inventory.

Once a parcel or parcels are deposited into a portfolio, the land bank can use its statutory power to clear the property’s title of all publicly held liens such as delinquent property taxes and special assessments. Clearing titles on properties through the Depository program removes financial barriers that would prevent the development of the property. While properties are managed within the depository program, the parcel or parcels remain tax-free for up to a year (12 months).

 

Program Impact

Since 2013, the Land Bank has held over 500 properties in the depository program for different nonprofit partners in Omaha. In 2022, the Land Bank disposed of 214 properties that were in the depository program. Our nonprofit partners that owned these properties had a variety of plans to build new affordable housing projects and community spaces.

In 2014, Habitat for Humanity Omaha acquired a vacant lot that was too narrow for a new home. In 2019, the Land Bank acquired the neighboring property, which was also too narrow for a new home.

Through our partnership, Habitat Omaha was able to purchase the adjacent property, demolish the blighted structure, replot the two lots, and build a new home in 2022. The pictures on the right feature the transformation of the houses.

“(This program) is a tremendous benefit to the neighborhoods that often suffer due to abandoned real estate.”

Dan Brewer, Habitat for Humanity of Omaha

Program Eligibility

Find out if you or your organization is eligible to participate in our depository program.

Who is eligible to participate in the program?

The program is open to governmental entities or not-for-profit organizations that have acquired property burdened by public liens.

Nonprofit organizations must provide a copy of your 501c(3) tax-determination letter. Eligible entities must not qualify as an “Ineligible Transferee” as defined by the Acquisition, Maintenance, and Disposition Policies Article VII. 7.01 (D)(2).

 

What properties can qualified entities place in depository?

Properties should support strategic development efforts, act as a catalyst for further development, or be part of a comprehensive development plan.

Properties must meet the following criteria:

  • The parcel location must reside within the Omaha city boundary lines.

  • The parcel or parcels must be a part of a redevelopment plan that addresses strategic purposes such as affordable housing, public open spaces, and removal of blight.

  • Parcels should be maintained in compliance with Omaha Municipal Code Sec. 48-151. As such the participant must include a maintenance schedule that outlines a plan to maintain properties in the depository program and a contact person should be identified to address any code compliance issues that may arise during the deposit term

  • Redevelopment plans must include a description of your proposed use for this property, a timeline for development, and the end use. The redevelopment plan is anticipated to be executed upon its removal from the depository program. Post-disposition of parcels, OMLB will perform compliance check-ins to ensure the approved disposition plan comes to fruition.

If I place property in depository, what are my duties?

The depositing entity is responsible for all maintenance of the property while it remains in the Land Bank’s portfolio.

The depositing entity is responsible for following through with delivering the redevelopment plans as presented at the time of deposit. Failure to do so may result in the depositing entity becoming ineligible for participation in the program at the board’s discretion after a public hearing.

All parcels participating in the program will fall under the Land Bank’s liability insurance policy and the participants will be billed for the amount of parcels held in their inventory.

 

How do I apply for the program?

If you meet the program eligibility criteria, you can submit an application online or by mail. Applications can be found on our website. If you have any additional questions, please contact our team at 402-800-1246.

What will I be required to submit in the application?

  • Applicants will be required to submit the following:

  • Tax determination letter (applicable to nonprofit organizations)

  • List of properties

  • Title search of properties that outline existing encumbrances or liens.

  • Proposed use and a project timeline for the properties being deposited.