The first houses as part of a
county land bank program are being transferred to developers for rehab and resale.
I included the creation
of land banks in my urban agenda as a way to help transform our struggling urban communities.
Applications for counties, towns and cities to apply for a second round of
land bank funding will be available in the summer of 2014.
Many
land banking schemes are set up to avoid the characteristics of a managed investment scheme - at least on paper.
In 2011, the state approved
land bank legislation to help communities deal with vacant and abandoned properties after the housing crisis, but until recently the effort lacked the needed funding.
Whenever a city's income and expenses are out of balance, proposed reductions such as the
city land bank funding may have to be reviewed.
The new program will provide
land banks across the state with $ 4 million in subsidies.
There are two such amendments on the ballot this year — one to strip corrupt elected officials of their pensions and another to create a
state land bank.
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Here we explain
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The new law will allow cities and counties to create and
administer land banks to convert vacant, abandoned or tax - delinquent properties into productive use.
Local governments would also be in line to receive funding for the support
of land banks and other development agencies, along with funding for a program aimed at low - cost rental housing.
WAER covered the impact Liam Kirst and Logan Reidsma had as AmeriCorps members working with the Greater
Syracuse Land Bank for 10 months.
The audit released by the Onondaga County Comptroller Robert Antonacci and Syracuse City Auditor Martin Masterpole praises the Syracuse
Land Bank for what they say is a job well done thus far.
Last year, Governor Cuomo signed a state law allowing municipalities to form nonprofit corporations to
create land banks as an economic development tool.
The property, which was acquired by the Newburgh Community
Land Bank in 2013, was renovated by a local architect and now provides three families with affordable rental housing.
Only residents of counties
with land banks would experience the tax increases, Wright said.
NEWBURGH — The State Attorney General's Office has announced the award of $ 2.45 million to the Newburgh
Community Land Bank in the City of Newburgh.
That's more than half of the 1,995 properties acquired
by land banks statewide.
Greater Syracuse
Land Bank Executive Director Katelyn Wright says the properties being demolished «have no potential for renovation and detract from surrounding property values and abandoned neighborhoods.»
The goal is to obtain properties in areas that may be risky but are ripe for a turnaround, clear title to them and find a suitable developer, a process that's more laborious than it sounds,
said land bank Executive Director Brian White.
The Syracuse
Land Bank acquires tax - delinquent properties with the goal of getting them back on the tax rolls.
JAMESTOWN - The Chautauqua County
Land Bank Corporation held its first organizational meeting on Wednesday.
The Legislature passed a proposed constitutional amendment that would create a 250 -
acre land bank for the Adirondack and Catskill parks, decreasing the time it takes to get smaller projects on state Forest Preserve land approved.
Members of Syracuse's Common Council expressed doubt about the future sustainability of the Greater Syracuse
Land Bank at a budget hearing Wednesday afternoon.
The Troy Community
Land Bank plans to target 15 to 20 properties in the North Central neighborhood as it begins work to restore them to the city tax rolls.
And Nama, which
owns land banks in Dún Laoghaire Rathdown, may have a vested interest in opposing the passive house standard.
Potential investors often hear
about land banking at property spruiking or investment seminars, where they are described as «a get rich slow option».
Land Bank Board of Directors Chairman, Vito Sciscioli, and Executive Director, Katelyn Wright, will brief the Syracuse Common Council's Neighborhood Preservation Committee Monday, March 26, at 2:00 PM in the Common Council Chambers.
Syracuse and seven other cities
formed land banks in 2011 with hopes of seizing abandoned, tax delinquent properties and transferring them to new, private owners.
In response, policies are required to capture more land value for the public good, perhaps through alternative forms of taxation or the creation of
public land banks, to help minimise speculative investment in an effort to reduce rising inequality.
Former Assemblyman Sam Hoyt said, «Other states have seen the value of
using land banks to convert dilapidated properties and rebuild communities, and New York is much better off with this new law.
Both Miner and city activists highlighted the importance of the Syracuse
Land Bank which is seizing tax delinquent properties.
At one point, it appeared the City of Buffalo was preparing to go it alone and submit its own
land bank application to the state.
But 2018 is an election year, so the New York
Land Bank Association won't ask New York state Gov. Andrew Cuomo to pass tax hikes, Wright said.
Land acquired by the county can be conveyed to a party other than the Albany County
Land Bank if the county itself will use the land; if it goes to another government entity or nonprofit for preservation; or if it will be used for economic development by «properly vetted third parties.»
The Greater Syracuse
Land Bank operates a number of programs related to property maintenance, redevelopment, and sales designed to support sustainability, neighborhood revitalization, and engage public and private partners in redevelopment.
«Expanding the number of
land banks throughout New York can provide job opportunities, raise property values and truly improve the overall quality of life for both business owners and homeowners.
Masterpole also mentioned the Greater Syracuse
Land Bank audit that was conducted with the county comptroller's office.
Land bank officials and others visited demolition sights, a community garden and renovated rental housing, like Sam Reppi's conversion of a dilapidated building on Burnet Avenue into apartments and a storefront business.
State Attorney Eric Schneiderman was to announce late Friday morning a pilot program that will make available to
land banks statewide $ 4 million for New Yorkers to take over «zombie homes» in their neighborhoods and rehab them into affordable rental housing.