A.G. Schneiderman Announces $20 Million In New Funding For Land Banks To Support Communities Struggling From Foreclosure Crisis

Funding Secured Through Schneiderman’s 2016 Settlements With Morgan Stanley, Goldman Sachs Over Misconduct That Contributed To Housing Crisis

Requests For Funding Will Be Accepted From Eight New Land Banks Primarily In Rural Communities Upstate, Plus State’s Original 10 Land Banks

New Funding Comes As A.G. Report Finds New York’s Original 10 Land Banks Have Successfully Reclaimed More Than 1,900 Blighted Homes, Saved More Than $19 Million In Homeowner Equity Statewide Since 2013

Since 2013, A.G. Schneiderman has provided more than $33 million to land banks with funding secured through settlements with the nation’s largest banks over misconduct that contributed to the housing crisis. This latest funding, made possible by settlements announced earlier this year with Morgan Stanley and Goldman Sachs, will be offered through a competitive Request for Proposals to the state’s original 10 land banks, as well as the newest eight land banks which have formed in the last year and which are located primarily in rural communities throughout upstate New York.