WASHINGTON, May 1, 2020 /PRNewswire/ -- Parcel Revenue Corporation (PRC) announced today it will design, deploy, and provide free online support for a free economic development model for local governments designed on its proprietary Virtual Land Bank Platform ("VLBP"). The model assists local governments by using analytics and artificial intelligence to prevent foreclosures and protect incoming tax revenues from both property taxes and income taxes.
The model received a provisional patent from the United States Patent and Trademark Office in April, 2020 and free licenses will be available to cities and counties on May 15, 2020.
Because the VLBP uses complicated algorithms and processes to predict foreclosures years before they occur, it allows local governments to be proactive instead of reacting months or years after properties become foreclosed and/or vacant. The VLBP also alerts local government officials by email or text messages when incoming tax revenues may be at risk both today and 1-5 years in the future.
"A health pandemic is an event a VLBP model can easily interpret because the entire VLBP system accurately predicts future financial stress on homeowners based on current life events found in public records. Currently, local governments are reacting to foreclosures. They need to be predictive and proactive," said Darnell Fenderson, M.B.A, who works as a real estate analyst at PNC Bank in Troy, MI.
Fenderson, along with other leaders from the real estate, tech, and legal industries, has joined the committee overseeing the roll out.
PRC will provide free support and training for the model via YouTube, blog posts, and free e-seminars. A paid version offering one-on-one consultation and real-time data updates to cities and counties will be released in January, 2021. Local governments can learn by calling Parcel Revenue toll-free at 866.672.7235.
About Parcel Revenue Corporation
Parcel Revenue Corporation develops and deploys the patented technology platforms of tomorrow that will aid local governments nationwide in the fight against blight, increase incoming tax revenues, and predict housing vacancies and downward trends in real estate based on life events such as death, divorce, and over 200 other factors one to five years before they occur.
Media Contact: Diane Dye Hansen - What Works Consultants
Email: [email protected]
SOURCE Parcel Revenue Corporation