Re­port shows land banks ac­quir­ing va­cant prop­er­ties

Daily Freeman (Kingston, NY) - - OBITUARIES -

AL­BANY (AP) >> New York’s comptroller says 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 said onethird 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.

On­line, visit www.osc. state.ny.us/lo­cal­gov/pubs/ re­search/land­banks1016. pdf.

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