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December 2012


December 13, 2012 | Posted by Elizabeth Larsen 12/13/2012 | Permalink
        The first five land banks in New York State were approved by Empire State Development on May 17, 2012. Land banks are type C not-for-profit corporations created by local law that are given the authority to acquire vacant, abandoned or tax-delinquent properties by foreclosure proceedings or similar means (not by eminent domain) to return them to productive use. The New York Land Bank Act suggests the following possible uses for acquired land: parks, playgrounds, community areas, affordable housing, retail, commercial and industrial activities and wildlife conservation areas. All eyes will be on the pioneering five land banks as they pursue their aggressive agendas to see whether land banking is in fact a successful tool to fight blight and promote revitalization in New York State. read more