10 new land banks authorized in New York!

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Photo Credit: Jenn Durfey

Photo Credit: Jenn Durfey

(Learn more about what New York”s land banks are up to in the new report,  “New York State Land Banks: Combating Blight and Vacancy in New York Communities.”)

The number of land banks in New York is now set to double in the coming years.

The New York State Legislature passed a bill yesterday to authorize the creation of 10 new land banks in the State. The bill had received strong support from the Attorney General Eric Schniederman, who originally proposed the legislation. Schneiderman said, “I commend the State Legislature for passing this legislation. Land banks are a critical tool to help communities that are plagued by vacant and abandoned properties to recover from the housing crisis.”

Community Progress President and CEO Tamar Shapiro said, “This legislation provides a wonderful opportunity for more communities across New York State to utilize land banking as a tool to stabilize communities and eliminate blight.”

This announcement follows on the heels of the AG’s allocation of $20 Million to current NY land banks late last year.

Read the full press release from AG Eric Schneiderman here.

Learn more from our in-depth newsletter piece, “Two and a half years in, land banking takes shape in New York State.”