Awards set to spur economic development and broaden homeownership opportunities
√ Phase II of Land Bank Initiative assists in purchase of blighted, dangerous or abandoned properties for reuse and resale
Gov. Kathy Hochul announced nearly $26 million in grant funding has been awarded to 24 Land Banks across New York.
Her team said, “The funding, made available through the state's Land Bank Initiative, will help eliminate blight, increase housing supply, assist local economic development efforts, spur the availability of homeownership opportunities, and improve the quality of life in communities that have experienced disinvestment.”
Hochul said, "New York's Land Bank Initiative has already allowed us to preserve, restore and revitalize rundown properties across the state, and we are excited to be extending the opportunity this year. This program will empower local nonprofits – the people that know their communities best – to help increase homeownership while repairing the fabric of their neighborhoods."
A press release stated, “The awards announced today complement Gov. Hochul's $25 billion comprehensive housing plan that will create or preserve 100,000 affordable homes across New York state, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
“The grants were awarded on a competitive basis through a request for applications issued by New York State Homes and Community Renewal. The funds are drawn from $50 million allotted for the governor's Land Bank Initiative in the fiscal year 2023 New York state budget.
“In the summer of 2022, HCR awarded operational funding to 26 land banks in phase I of the initiative. The phase II awards announced today will provide capital funding for acquisition, demolition, building stabilization and pre-development expenses.
“The next RFA for phase II capital funding is expected in late 2023.
“New York's land banks were established in 2012 with passage of the New York State Land Bank Act. Land banks are local public authorities designed to acquire, stabilize, assemble and facilitate the redevelopment of blighted and abandoned properties in order for them to be returned to productive use. There are currently 26 land banks across the state.”
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "This $26 million investment will allow local organizations to invest in their communities by turning blight into opportunity that encourages redevelopment and boosts the tax base for the benefit of all. These awards build upon the $15 million in operating funds that we awarded to land banks last year. The governor's Land Bank Initiative recognizes that art of creating and preserving affordable communities is never a one-size-fits-all process, but requires step-by-step dedication to building healthier, safer, more livable, and affordable neighborhoods."
The phase II Land Bank Initiative grants include: