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