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Attorney General Opens Up Land Banks

 
Posted Friday, August 1st 2014 @ 4am  by Associated Press

Albany, N.Y. - The New York Attorney General's Office says it will take applications to help Land Banks restore abandoned properties with up to $20 million.

The office says that follows $13 million allocated in the initiative last year.

Attorney General Eric Schneiderman is dedicating money from the 2012 national settlement with five major mortgage lenders over foreclosure practices.

New York's Legislature passed a bill in 2011 establishing land banks that could acquire vacant, abandoned, or foreclosed properties, and choose to rebuild, demolish, or redesign them.

Currently there are nine land banks in New York, though up to 20 are authorized.

The nine are authorized for Newburgh, Rochester, Schenectady/Amsterdam, Albany County, Suffolk County, Buffalo and Erie County/Niagara County, Chautauqua County, Broome County, Syracuse and Onondaga County.

 

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