Report Shows NY Land Banks Acquiring Vacant Properties
ALBANY, N.Y. (AP) — New York's comptroller reports the state's 15 active land banks have acquired more than 1,000 vacant and abandoned properties in attempts to fight blight and promote economic recovery.
The report says one-third of the properties are vacant land or lots or properties slated for demolition.
The regional banks also try to rehabilitate and sell abandoned residences. They were formed after the 2008 recession left thousands of homeowners facing foreclosure and led to thousands more vacant properties.
According to the report, the banks rely mostly on subsidies, including the state attorney general's grant program that has allocated $33 million from financial settlements with banks involved in the mortgage crisis.
Most estimate little revenue when their grants run out, with few increased tax collections or profits from sales.
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[STORY BY: THE ASSOCIATED PRESS]
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