How do I donate real property to the Waterbury Land Bank Authority? And what is the benefit?
The Waterbury Land Bank Authority (“WLB”) is a Public Charity which allows the WLB to solicit charitable donations, including fundraising in Connecticut. The WLB is registered with the State of Connecticut Department of Consumer Protection, registration # CHR.0066315. Additionally, the WLB is exempt from federal income tax under the Internal Revenue Code (IRC) Section 501c(3). Donors can deduct contributions they make to the WLB under IRC Section 170. The WLB is also qualified to receive tax deductible bequests, devises, transfers, or gifts under Section 2055, 2106, or 2522.
WLB accepts donations of real property and has established policies and procedures to that effect. Please see our policies and procedures document on our web site.
In general, we welcome accepting properties comprising of residential structures of 1-4 units and vacant lots or land that are owned free and clear by the donor. Properties that have unpaid taxes, liens, defects in title or other issues will be considered, but will be subject to appropriate due diligence and examination by the WLB and at the donor’s expense, unless there is an exception as approved by the land bank board. If a donor has a commercial property or a property that they suspect to have any contamination, which they would like to donate, it would be best to contact the WLB to discuss what due diligence may be required. Under Connecticut Law, the Waterbury Land Bank Authority is not able to accept or hold title to any properties that would be considered brownfields.
As a donor, you can generally receive a tax deduction. The Waterbury Land Bank Authority recommends that the donor have an appraisal prepared for the property it wishes to donate, to have the value determined for that property, if the donor is seeking a tax deduction for the donation for that property. Under state and federal tax laws, a donor may be entitled to tax benefits or other considerations. Please consult with the appropriate legal and tax counsel for guidance on any tax benefits associated with a property donation. The WLB is not able to advise on any tax advantages but can provide a donor with documentation of the gift.
If you are interested in offering a property for consideration by the WLB as a donation, please use this link to complete an application. You will be required to create a User Account to complete an application to donate.
Completing an application does not constitute a binding offer to donate, nor does it constitute an agreement by the WLB to accept any property. If you have any questions, please contact us at firstname.lastname@example.org or (203) 721-6958.
Thank you in advance for your interest in the Waterbury Land Bank Authority.