The NYS Attorney General announced a $230 million settlement with UBS on March 21st. A portion of this settlement will be directed toward land banks to continue working toward revitalizing communities across New York State.
“Years later, New Yorkers are still recovering from the housing crash, as communities grapple with the effects of plummeting home values, vacant properties, and an affordable housing crisis,” said Attorney General Schneiderman. “Today’s settlement marks another key step forward as New Yorkers rebuild their lives and communities. The dollars we’ve secured have funded critical housing programs across New York – and this settlement means even more community revitalization work in the years to come.”
“I applaud Attorney General Schneiderman’s true and lasting commitment to the recovery of communities across New York crippled by the financial crisis,” said Madeline Fletcher, Executive Director, Newburgh Community Land Bank. “In our work as land banks, these funds have exponentially enhanced our impact as we address blight, revitalize neighborhoods and continue to improve the quality of life of thousands of New Yorkers. We are so grateful for his continued support and visionary leadership.”
“Thank you to Attorney General Schneiderman for holding large financial institutions accountable for their role in the financial crisis and for reinvesting the settlement funds back into our communities,” said Adam Zaranko, President of the New York Land Bank Association and Executive Director of the Albany County Land Bank. “Thanks to the Attorney General’s leadership, New York State has developed one of the most active networks of land banks in the United States. These much-needed funds will help revitalize neighborhoods throughout the state and transform foreclosed, vacant or abandoned properties into safe and affordable homes for more New Yorkers.”
To read the full press release, click here.