Empire State Development Announces Land Bank Opportunities For Redevelopment of Neglected Properties

NEW YORK — The Empire State Development Corp. (ESD) reports that applications for communities seeking to create land banks for redevelopment of neglected properties are now available.
Land banks are local entities authorized to take control and redevelop vacant or abandoned properties to where they can better serve the public interest. 
New York State’s Land Bank Program was signed into law by the Governor in July.
“The Land Bank program empowers local entities to transform urban neighborhoods through economic development,” said Kenneth Adams, ESD president, CEO and Commissioner. “By redeveloping vacant, abandoned and tax-delinquent properties, we will restore the character of our communities and revitalize struggling local economies across the state.” 
The ESD will approve applications from those entities which possess the power to foreclose on tax liens and are seeking to create land banks in their communities.
Governmental entities that are approved by the ESD will be permitted to create a not-for-profit corporation whose purpose is to facilitate the return of vacant, abandoned and tax delinquent properties to productive use.  
ESD Regional President Sam Hoyt, who as a former assemblyman sponsored legislation to create the Land Bank Program, said, “Thanks to the leadership of Governor Cuomo, the state has another critical tool to promote job creation and investment in communities that need it most. Now, neighborhoods throughout New York can use their neglected resources to invest in the redevelopment and economic prosperity of their communities.”
Ten land banks will be permitted to be created within New York State.  ESD will approve applications to create land banks in several rounds with the first round of approvals occurring in early 2012.  The number of land banks approved in the first application round will depend on the number and quality of applications received, but will not exceed five.  
Applications, which must be submitted by 3 p.m. on March 30, are available at BusinessPrograms/NYSLB.html.
January 18, 2012 - 11:40am



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