New York Governor Signs Land Bank Legislation
New York Governor Andrew Cuomo signed a law on July 29, 2011, allowing municipalities to create land banks to convert vacant properties into uses that support community revitalization. With many upstate New York municipalities suffering from an overabundance of vacant and abandoned properties due to population losses, land banks will give cities and counties a new tool to rebuild communities and foster local economic development. The new law will allow cities and counties to create and administer land banks to convert vacant, abandoned or tax-delinquent properties into productive use. These properties can then be redeveloped or resold to better balance the supply of buildings with the local demand for them. The land banks will operate under the New York State Urban Development Corporation.
SOURCE: NY Governor's Press Office