New York’s first land banks were established in 2012, pursuant to the passage of the New York Land Bank Act. The Act allows foreclosing governmental units (local units of government that foreclose on real property for delinquent taxes) to form land banks. Land banks are local public authorities, accountable to the units of government which created them, designed to acquire, stabilize, assemble, and facilitate the redevelopment of blighted and abandoned properties, in order for them to be returned to productive use. Returning these formerly abandoned properties to productive use improves quality of life for surrounding residents and helps to grow the community’s local property tax base by encouraging renovation that improves the value of the property the land bank sells, as well as surrounding property values. There are now 23 land banks across the state working to proactively intervene and take control of abandoned properties.
NY LAND BANK ASSOCIATION MEMBERS
The New York Land Bank Association represents 15 member land banks across the state.
AFFILIATED LAND BANKS
NIAGARA-ORLEANS REGIONAL LAND IMPROVEMENT CORP.
WAYNE COUNTY LAND BANK