State Comptroller Thomas DiNapoli has released a report on the progress regional land banks are making in helping communities fight blight and address zombie properties.

There are currently 15 active land banks throughout the state.

DiNapoli's report found that as of July, 10 of the 15 land banks listed a total of 1,093 properties, one-third of which were vacant lots or properties slated for demolition.

In many cases, the land banks focus on rehabilitating residential properties, but many also demolish vacant buildings that pose risks to public safety.

“The surge in foreclosures and vacant, abandoned ‘zombie properties’ across our state demands action,” DiNapoli said. “The creation of land banks, as well as legislation passed earlier this year, gives local officials new tools to promote economic recovery in the areas most heavily impacted by the foreclosure crisis. Over time, with adequate funding, these entities may help stop the erosion of local tax bases and return economic vitality in disadvantaged communities.”

New York's land banks get much of their funding through the Lands Banks Community Revitalization Initiative.  The grant program is administered by the Attorney General's Office and so far, a total of $33 million has been allocated.

 

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