Twenty-four New York land banks will receive nearly $26 million in funding to address blight and expand housing in the state, Gov. Kathy Hochul announced Friday.
The money, part of the broader $229 billion state budget, is intended to address a limited supply of housing in New York, as well as current concerns about affordability.
“The New York Land Bank Initiative has already allowed us to preserve, restore and revitalize blighted properties across the state, and we are excited to expand the opportunity this year,” Hochul said. “This program will empower local nonprofits, the people who know their communities best, to help increase homeownership while repairing the fabric of their neighborhoods.”
Hochul didn’t get much of what he had originally proposed this year to expand housing in his budget proposal, as he sought to significantly expand housing by 800,000 units over the next 10 years. Lawmakers are still mulling some housing measures before the legislative session ends next week.
Officials hope the land bank plan awards will be part of a larger effort to create or preserve 100,000 affordable housing units in New York.
New York’s land banks were created in 2012. They act as public authorities that can acquire, assemble and assist in the construction of abandoned and abandoned properties.
“This $26 million investment will allow local organizations to invest in their communities by turning blight into opportunity that encourages redevelopment and increases the tax base for the benefit of all,” said RuthAnne Visnauskas, Commissioner of Community Renewal and Housing the State of New York. “These awards build on the $15 million in operating funds we awarded to land banks last year. The Governor’s Land Bank Initiative recognizes that the art of creating and preserving affordable communities is never a one-time process , but requires gradual dedication to build healthier, safer, more livable and affordable neighborhoods.”
