Since its formation in 2015, the Omaha Municipal Land Bank has generated an estimated $83.5 million in citywide economic impact as it carried out its mission to transform vacant or abandoned properties into new opportunities.
That was a key takeaway from an economic analysis of how the Land Bank has affected property values and tax revenues. The analysis was conducted for the Land Bank’s 10th anniversary, which was celebrated last month at the Love 4 Lots 10-Year Celebration, the organization’s first annual meeting.
Over the past decade, the land bank, in partnership with local governments, developers and neighborhood organizations, has acquired more than 1,500 nuisance properties and prepared them for redevelopment, the analysis found. The land bank’s work has supported infill housing, affordable home ownership and site preparation for new community projects.
Highlights from the 10-year economic analysis include:
● 1,562 — OMLB properties sold or transferred to a new owner
● $83.5 million — OMLB’s total estimated citywide economic impact
○ $58 million — residential property value gains
○ $24.1 million — local economic activity generated by OMLB expenditures
○ $1.4 million — restored annual property tax value (figure reflects January 2015 to September 2025)
● $9 million — OMLB expenditures in property maintenance, lot stabilization and related development activities. These expenditures generated an estimated $24.1 million in additional local economic activity. Every dollar invested by the land bank produced about 9.3 dollars in citywide economic value
“Across 10 years, the Omaha Municipal Land Bank — and its valued partners in government, philanthropy, housing and neighborhood leadership — has worked to clear titles, maintain neglected lots and prepare sites to help build safe, stable neighborhoods we can all be proud of,” said Leslie Smith, executive director. “This work has resulted in a tremendous economic impact in Omaha. These outcomes demonstrate that targeted investment in property stabilization generates significant, lasting benefits for our neighborhoods and the broader local economy.”
The economic analysis was conducted by the Cuyahoga (Ohio) Land Bank, one of the nation’s largest and most experienced land banks. In 2024, the Cuyahoga Land Bank conducted a comprehensive study demonstrating a staggering $3.6 billion economic boost to the Cuyahoga County area, encompassing increased property values, tax revenues and overall economic activity.
