$20M awarded to NY land banks for community revitalization projects

By Legal News Line | Oct 17, 2014

NY Attorney General Eric Schneiderman  

Attorney General Eric T. Schneiderman and other elected officials announced on Thursday a $20 million grant for community restoration.

The grant will be spread out to banks statewide, with $1.8 million allocated to the Rochester Land Bank. The grant is part of the Land Bank Community Revitalization Initiative, which was developed to bring neighborhoods hit hard by the housing crisis back from ruin.

The official announcement was made at 279 Lake View Park, a fully renovated property thanks to a grant formerly rewarded to Rochester Land Bank by Schneiderman. The property will be sold to a first-time homebuyer with low to moderate income following homebuyer services training.

“Land banks are a critical tool to help communities recover from the housing crisis by ridding their streets of vacant and abandoned properties,” Schneiderman said. “With this new round of funding, even more communities will reap the benefits of this powerful tool for urban revitalization. By funding and expanding land banks, we are empowering local communities to rebuild their own neighborhoods, house by house, block by block.”

Funding for the grants will be pulled from a $25 billion bank settlement from 2012. Ten New York banks will receive funds for this project.

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