{"id":75366,"date":"2016-11-21T23:10:49","date_gmt":"2016-11-22T04:10:49","guid":{"rendered":"http:\/\/madisoncountycourier.com\/?p=75366"},"modified":"2016-11-21T18:14:26","modified_gmt":"2016-11-21T23:14:26","slug":"schneiderman-announces-20-million-in-new-funding-for-land-banks","status":"publish","type":"post","link":"https:\/\/madisoncountycourier.com\/?p=75366","title":{"rendered":"Schneiderman announces $20 million in new funding for land banks"},"content":{"rendered":"<p><i><a href=\"http:\/\/madisoncountycourier.com\/?attachment_id=70131\" rel=\"attachment wp-att-70131\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-70131\" src=\"https:\/\/i0.wp.com\/madisoncountycourier.com\/wp-content\/uploads\/2016\/06\/Attorny_General_Eric_T_Schneiderman.jpg?resize=260%2C221\" alt=\"Attorny_General_Eric_T_Schneiderman\" width=\"260\" height=\"221\" srcset=\"https:\/\/i0.wp.com\/madisoncountycourier.com\/wp-content\/uploads\/2016\/06\/Attorny_General_Eric_T_Schneiderman.jpg?w=260&amp;ssl=1 260w, https:\/\/i0.wp.com\/madisoncountycourier.com\/wp-content\/uploads\/2016\/06\/Attorny_General_Eric_T_Schneiderman.jpg?resize=150%2C128&amp;ssl=1 150w\" sizes=\"auto, (max-width: 260px) 100vw, 260px\" \/><\/a>Funding Secured Through Schneiderman\u2019s 2016 Settlements With Morgan Stanley, Goldman Sachs Over Misconduct That Contributed To Housing Crisis<\/i><\/p>\n<p><i>Requests For Funding Will Be Accepted From Eight New Land Banks Primarily In Rural Communities Upstate, Plus State\u2019s Original 10 Land Banks\u00a0<\/i><\/p>\n<p><i>New Funding Comes As A.G. Report Finds New York\u2019s Original 10 Land Banks Have Successfully Reclaimed More Than 1,900 Blighted Homes, Saved More Than $19 Million In Homeowner Equity Statewide Since 2013<\/i><\/p>\n<p>Attorney General Eric T. Schneiderman today announced $20 million in new funding, to be administered by Local Initiatives Support Corporation and Enterprise Community Partners, Inc. (Enterprise), for New York State land banks that are working to protect homeowners and neighborhoods across the state by acquiring blighted homes and transforming them into community assets.<\/p>\n<p>Since 2013, A.G. Schneiderman has provided more than $33 million to land banks with funding secured through settlements with the nation\u2019s largest banks over misconduct that contributed to the housing <!--more-->crisis. This latest funding, made possible by settlements announced earlier this year with Morgan Stanley and Goldman Sachs, will be offered through a competitive Request for Proposals to the state\u2019s original 10 land banks, as well as the newest eight land banks which have formed in the last year and which are located primarily in rural communities throughout upstate New York.<\/p>\n<p>This latest round of funding comes as a <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTYxMTAyLjY1ODEyMTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MTEwMi42NTgxMjE4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODY2NTk3JmVtYWlsaWQ9bWFyZ29AbTNwbWVkaWEuY29tJnVzZXJpZD1tYXJnb0BtM3BtZWRpYS5jb20mdGFyZ2V0aWQ9JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;100&amp;&amp;&amp;https:\/\/ag.ny.gov\/sites\/default\/files\/oag_land_bank_report.pdf\" target=\"_blank\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=http:\/\/links.govdelivery.com:80\/track?type%3Dclick%26enid%3DZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTYxMTAyLjY1ODEyMTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MTEwMi42NTgxMjE4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODY2NTk3JmVtYWlsaWQ9bWFyZ29AbTNwbWVkaWEuY29tJnVzZXJpZD1tYXJnb0BtM3BtZWRpYS5jb20mdGFyZ2V0aWQ9JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY%3D%26%26%26100%26%26%26https:\/\/ag.ny.gov\/sites\/default\/files\/oag_land_bank_report.pdf&amp;source=gmail&amp;ust=1479855887565000&amp;usg=AFQjCNH5GwoFUT1jI4QLJ2S1Vbem4kziJw\">new report<\/a> from the A.G.\u2019s office finds that the $33 million invested in the state\u2019s original 10 land banks since 2013 has resulted in substantial benefits for homeowners and communities. In the past three years alone, these land banks have:<\/p>\n<ul>\n<li>Reclaimed 1,995 properties from abandonment and blight;<\/li>\n<li>Returned 701 properties to the market and put them back in productive use;<\/li>\n<li>Demolished 409 unstable structures.<\/li>\n<\/ul>\n<p>By stabilizing, renovating, or demolishing formerly blighted properties, the New York State land banks are saving an estimated $19 million in property value for surrounding homes, according to estimates by the A.G.\u2019s office. This estimation is based on the average housing density and property values for the counties covered by each land bank, and on a study of property value loss for homes within 500 feet of blighted properties.<\/p>\n<p>\u201cNew York\u2019s land banks have successfully empowered communities across the state to rebuild and revitalize neighborhoods hit hard by the foreclosure crisis,\u201d said Attorney General Schneiderman. \u201cI\u2019m proud that the funding my office helped secure this year in settlements with Morgan Stanley and Goldman Sachs will now make it possible to support nearly double the number of land banks across the state, and deliver much-needed support to homeowners in New York.\u201d<\/p>\n<p>\u201cThe Land Bank Community Revitalization Initiative is a critical tool to revitalize distressed communities, and Enterprise is proud to be a partner to the New York State Office of the Attorney General on this important program,\u201d said Judi Kende, Vice President and New York Market Leader, Enterprise. \u201cThese revitalization efforts will not only create and preserve vital housing, but will also bring growth and opportunity to areas that have been most heavily affected by the foreclosure crisis, breathing new life into communities across New York State.\u201d<\/p>\n<p>\u201cAttorney General Schneiderman should be commended for funding land banks that made formerly blighted homes available to New Yorkers who need them,\u201d said Denise Scott, LISC\u2019s executive vice president for programs. \u201cAnd now we\u2019re excited to be part of the next phase of distributing $20 million for repurposing more distressed housing.\u201d<\/p>\n<p>Applications are due on November 30th, 2016, and award notifications will be made by December 2016.<\/p>\n<p>\u201cThe efforts of every level of government are necessary if we are going to overcome blight in the Capital Region,\u201d said Albany Mayor Kathy M. Sheehan. \u201cThis additional $20 million in statewide funding from Attorney General Schneiderman&#8217;s Office will help us to continue combatting the negative impact of vacant and abandoned properties in Albany and across the state.\u201d<\/p>\n<p>\u201cBlock by block and street by street, Albany County is working closely with Attorney General Schneiderman to rebuild our communities,\u201d said Albany County Executive Daniel P. McCoy. \u201cI want to commend him for working with the Albany County Land Bank to transform blight into thriving neighborhoods. The county has invested $1.5 million into the Land Bank so far and together we can bring new life and hope into the county.\u201d<\/p>\n<p>\u201cAttorney General Schneiderman continues to help fight blight in Binghamton neighborhoods and across the State of New York,\u201d said Binghamton Mayor Richard C. David. \u201cHis support of land banks has created key partnerships to focus resources and assist community revitalization. We are thankful for A.G. Schniederman\u2019s commitment to the City of Binghamton and Southern Tier. The impacts are clear.\u201d<\/p>\n<p>\u201cThe Community Revitalization Initiative has given a significant boost to our Land Bank\u2019s efforts to combat abandoned, blighted houses in communities across Erie County,\u201d said Erie County Executive Mark Poloncarz. \u201cWith Attorney General Schneiderman\u2019s help, more such houses are being rehabilitated and returned to the tax rolls, improving our neighborhoods and boosting property values. Our successes are building every year, with more communities seeing the positive effects of the Land Bank and how it can turn around neighborhoods one house at a time.\u201d<\/p>\n<p>\u201cThe Rochester Land Bank is a win-win for our community,\u201d said Rochester Mayor Lovely Warren. \u201cThanks to Attorney General Schneiderman\u2019s commitment to our communities, we have been able to return 74 abandoned properties to productive use, making our neighborhoods safer and more vibrant and helping our residents gain access to jobs and educational opportunities.\u201d<\/p>\n<p>&#8220;I want to thank Attorney General Schneiderman for his help in Schenectady and other communities across the state deal with blighted and distressed properties,\u201d said Schenectady Mayor Gary McCarthy. \u201cThese buildings drive up municipal costs and have such a detrimental effect on our neighborhoods. His leadership is helping remove blight and creating homeownership opportunities that create real value in our neighborhoods.&#8221;<\/p>\n<p>\u201cWe are grateful to Attorney General Schneiderman for funding the important work of the Suffolk County Landbank Corporation,\u201d said Suffolk County Executive Steve Ballone. \u201cThis has enabled the County to work with the Land Bank to ensure that tax delinquent and environmentally contaminated brownfield properties are cleaned up and re-developed to boost the local economy. The Land Bank is also helping to create affordable homeownership opportunities in the county by acquiring and rehabilitating vacant, bank foreclosed homes.\u201d<\/p>\n<p>\u201cThe Syracuse Land Bank has made a demonstrable difference in the City of Syracuse,\u201d saidSyracuse Mayor Stephanie A. Miner. \u201cWhere 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.\u201d<\/p>\n<p>During the decade of the housing boom and bust, from 2000 to 2010, the number of vacant properties in New York State increased 27%. Following the collapse of the housing market, the New York State Legislature passed a law in 2011 establishing land banks \u2014 nonprofit organizations that can acquire vacant, abandoned, or foreclosed properties and rebuild, demolish, or redesign them. By restoring vacant or abandoned properties, land banks lower costs for local governments, benefit public schools, reduce crime and boost local economies.<\/p>\n<p>However, the legislation that authorized land banks in New York did not provide funding for them. Attorney General Schneiderman launched the Land Bank Community Revitalization Initiative to fill that gap and allow land banks to fulfill their purpose. Since 2013, the A.G.\u2019s office has dedicated $33 million to fund that initiative. In 2014, the Attorney General\u2019s bill to expand the number of land banks from 10 to 20 was passed by the Legislature and signed into law by the Governor.<\/p>\n<p>Abandoned and vacant properties depress property values, discourage property ownership, and attract criminal activity, but land banks provide tools to quickly turn these properties back into assets that reinvest in the community&#8217;s long-term vision for its neighborhood. Land bank programs act as an economic and community development tool to revitalize distressed neighborhoods and business districts. Land banks can benefit urban schools, improve tax revenues, expand housing opportunities, remove public nuisances, assist in crime prevention and promote economic development.<\/p>\n<p>By transferring vacant and abandoned properties to responsible land owners, local governments benefit because they avoid the significant cost burden of property maintenance, such as mowing and snow removal. In addition, local governments benefit from increased revenue because the new owners pay taxes on the properties. In turn, local schools benefit because they receive more funding when there is an increase in the number of property owners in their school districts. Land bank programs can also increase the variety of mixed-income housing offered and provide more opportunities for affordable housing.<\/p>\n<p>Land bank properties that become owner-occupied discourage criminal activity, benefiting public safety and decreasing the cost burden on local police and fire departments. Finally, the more residents and businesses that occupy property in a neighborhood, the more services and amenities will be needed, which boosts local economic activity.<\/p>\n<p>The Attorney General\u2019s office has partnered with Enterprise Community Partners to assist with the oversight and management of the Land Bank Community Revitalization Initiative. Enterprise is a national affordable housing nonprofit with more than 30 years of experience creating and advocating for affordable homes in thriving communities.<\/p>\n<p>The A.G. Land Bank Report can be found <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTYxMTAyLjY1ODEyMTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MTEwMi42NTgxMjE4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODY2NTk3JmVtYWlsaWQ9bWFyZ29AbTNwbWVkaWEuY29tJnVzZXJpZD1tYXJnb0BtM3BtZWRpYS5jb20mdGFyZ2V0aWQ9JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;101&amp;&amp;&amp;https:\/\/ag.ny.gov\/sites\/default\/files\/oag_land_bank_report.pdf\" target=\"_blank\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=http:\/\/links.govdelivery.com:80\/track?type%3Dclick%26enid%3DZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTYxMTAyLjY1ODEyMTgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MTEwMi42NTgxMjE4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2ODY2NTk3JmVtYWlsaWQ9bWFyZ29AbTNwbWVkaWEuY29tJnVzZXJpZD1tYXJnb0BtM3BtZWRpYS5jb20mdGFyZ2V0aWQ9JmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY%3D%26%26%26101%26%26%26https:\/\/ag.ny.gov\/sites\/default\/files\/oag_land_bank_report.pdf&amp;source=gmail&amp;ust=1479855887565000&amp;usg=AFQjCNEGbc3XTdbeseyFc1YfarChMnRYIg\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Funding Secured Through Schneiderman\u2019s 2016 Settlements With Morgan Stanley, Goldman Sachs Over Misconduct That Contributed To Housing Crisis Requests For Funding Will Be Accepted From Eight New Land Banks Primarily In Rural Communities Upstate, Plus State\u2019s Original 10 Land Banks\u00a0 New Funding Comes As A.G. Report Finds New York\u2019s Original 10 Land Banks Have Successfully [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":70131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[23814,8],"tags":[],"class_list":["post-75366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-state","category-top-story"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_shortlink":"https:\/\/wp.me\/p43meu-jBA","jetpack_featured_media_url":"https:\/\/i0.wp.com\/madisoncountycourier.com\/wp-content\/uploads\/2016\/06\/Attorny_General_Eric_T_Schneiderman.jpg?fit=260%2C221&ssl=1","_links":{"self":[{"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/posts\/75366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=75366"}],"version-history":[{"count":0,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/posts\/75366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/media\/70131"}],"wp:attachment":[{"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=75366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=75366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=75366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}