Governor Hochul Announces $26 Million in Grants to Help 24 Land Banks Revitalize Communities Across New York State

governor casey Hao Zhe Nearly $26 million has been announced for 24 land banks in New York State. Funding provided through the New York State Land Bank program will help eradicate blight, increase housing supply, assist local economic development efforts, stimulate homeownership opportunities, and improve quality of life in communities experiencing divestment.

“New York’s Land Bank program has already enabled us to preserve, restore and revitalize dilapidated properties across the state, and we’re excited to expand that opportunity this year,” Governor Hao Zhe explain. “This program will empower local nonprofits — the people who know their communities best — to help increase homeownership while repairing the fabric of their communities.”

The awards announced today complement the Governor’s Hochul The $25 billion comprehensive housing program will build or preserve 100,000 affordable housing units in New York State, 10,000 of which provide support services for the disadvantaged, and an additional 50,000 electrified homes.

These grants are awarded on a competitive basis through a request for applications posted by the New York State Department of Housing and Community Renewal.The funds come from $50 million allocated to the Governor land bank plan In the New York State Budget for FY 2023. In summer 2022, HCR provided operating capital to 26 land banks in the first phase of the program. The second phase of funding announced today will fund acquisitions, demolition, building enhancements and upfront development costs. The next RFA for Phase 2 capital financing is expected in late 2023.

The Land Bank of New York was created in 2012 with the passage of the New York State Land Bank Act.Land banks are local public bodies that acquire, stabilize, assemble and facilitate the reconstruction of dilapidated and abandoned properties for They will be returned for production use. There are currently 26 land banks across the state.

New York State Homes and Community Renewal Commissioner Ruth Anne Visnauskas explain“This $26 million investment will enable local organizations to invest in their communities by turning blight into opportunity, encouraging redevelopment and boosting the tax base for the benefit of all. These awards build on our $15 million award to the Land Bank Funding from Operations Last year, the Governor’s Land Bank Initiative recognized that the art of creating and maintaining affordable communities is never a one-size-fits-all process and requires a progressive commitment to building healthier, safer communities , more livable and affordable communities.”

The Phase 2 Land Banking Program grants announced today are:

capital region

central new york

finger lakes

long island

mid hudson area

mohawk valley

North

South Line

west new york