“NYS will use $20M in bank settlements to fund land banks”
The Greater Syracuse Land Bank has received nearly $5 million to date in mortgage settlement funds granted by the Office of NY Attorney General Eric Schneiderman. We have used these funds to renovate 68 homes for sale to owner-occupants, in partnership with Home HeadQuarters and the Onondaga County Community Development Program, and to demolish 43 blighted structures. We are eager to continue our partnership with the AG’s office to address blighted and abandoned properties that are dragging down property values and negatively impacting quality of life for surrounding neighbors.
“The state is making available $20 million to cities like Syracuse to continue operating land banks…
Schneiderman’s office has spent more than $30 million since 2013 to fund 10 land banks, not including today’s $20 million.
The new funding comes on the heels of a report from the Schneiderman’s office outlining land banks’ successes.
According to the report, Syracuse’s land bank has been the most active, acquiring more than 1,000 properties and reselling more than 400. That’s more than half of the 1,995 properties acquired by land banks statewide.
Syracuse has also received the most state money — nearly $5 million.
“The Syracuse Land Bank has made a demonstrable difference in the City of Syracuse,” said Syracuse Mayor Stephanie Miner. “Where neighborhoods once had blight, they now have hope. I appreciate the work of the staff of the Syracuse Land Bank and the commitment of Attorney General Eric Schneiderman to supporting the quality of life in cities across New York.””
(Chris Baker, Syracuse.com, November 2, 2016)
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