LAND BANKING IN THE STATE OF NEW YORK Kermit J. Lind, J.D . - PowerPoint PPT Presentation

INTRODUCTION TO LAND BANKING IN THE STATE OF NEW YORK Kermit J. Lind, J.D . Educator & Counselor Law and Public Policy Fall, 2012

Land Banks and Land Banking Frank S. Alexander, Sam Nunn Professor of Law Emory University School of Law Center for Community Progress, June 2011 http://www.communityprogress.net

Banking on Neighborhood Stabilizatio n Dan Kildee, Congressman (elect) (D) 5 th District, Michigan Shelterforce, Winter, 2011 • http://www.shelterforce.org/article/2641/bankin g_on_neighborhood_stabilization/

Sources: NYS Land Bank Law NEW YORK ASSOCIATION OF COUNTIES New York’s Land Bank Act November 2011 http://www.nysac.org/legislative- action/documents/NYSACLandBankBriefReport.pdf EMPIRE STATE DEVELOPMENT Land Bank Approval GUIDELINES November 2011 http://www.esd.ny.gov/

“Land banks are a long-term solution to the problem of vacant properties. ” -- Senator David Valesky (D- Oneida ), sponsor of New York’s Land Bank Act . “Land banks, entities that take control of problem properties and then redevelop or dispose of them in a manner consistent with the public’s interest, are a proven strategic tool for cities and counties where the number of vacant properties outpaces the private market’s ability to deal with them.”

Statutory Provisions for Governing • Codified in June, 2011 at Article 16 of the New York State Not-for-Profit Corporation Law • Entity type: corporation • Incorporator(s): local Tax Foreclosing Unit(s) by ordinance • Government: Board of Directors • Tax status: may be exempt from federal income tax under IRC 501(c)(3) • Subject to: Urban Development Corporation (dba Empire State Development)

Governing Provisions . . . cont • Number limited to ten land banks selected in two rounds . • First five selected 1. Cities of Buffalo, Lackawanna, Tonawanda and Erie County 2. City of Syracuse and Onondaga County 3. City of Schenectady, County of Schenectady and City of Amsterdam 4. Chautauqua County 5. City of Newburgh • Applications for next five due January 30, 2013