Land Bank Act passes New York legislature; awaits Governor Cuomo’s signature

Late last week, in a victory for smart growth advocates across the state, the New York State legislature passed the Land Bank Act (A373A/S663A). Now awaiting signature into law by Governor Andrew Cuomo, the legislation would allow towns and cities in New York State to create land banks – entities that can hold and manage vacant and abandoned properties and return them to productive use.

New York’s Land Bank Act would provide major benefits to local economies by reversing cycles of decline and improving property values in communities across the state. Assemblyman Sam Hoyt, the bill’s lead sponsor in the Assembly, described the positive economic impacts land banks can provide in a recent press release about the bill:

“Just as one vacant building can set off a cycle of contagious blight, with declining property values leading to further abandonments, a smart redevelopment plan, implemented by a land bank that can acquire, hold and assemble parcels of land for development, green space, or public works projects can reverse this non-virtuous cycle. Their work adds value to surrounding properties and strengthens local real estate markets.”

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Register now for the 2011 Land Bank Conference in Detroit, MI

In many places across the country, land banking is becoming an integral part of community revitalization efforts, especially as America’s cities and towns have struggled to keep ahead of the foreclosure crisis and the resulting economic impacts over the past few years. Today more communities than ever are developing and strengthening land banking efforts to increase affordable housing, create market-based development opportunities, and implement alternative land reuses.

The Center for Community Progress invites elected officials, business owners, developers and anyone else interested in land banking issues to the 2011 Land Bank Conference from June 5-7 in Detroit, MI. The conference will help participants identify how land banking and tax foreclosure strategies can catalyze development of effective solutions to unlocking the value of vacant, abandoned and problem properties. Highlights of this two-day event include training seminars, breakout sessions, bus tours and networking opportunities.

The conference attracts hundreds of professionals from across the country and from diverse backgrounds including: elected officials, land bank staff and board members, for-profit and non-profit developers and the real estate industry, community foundations, greening initiatives, neighborhood and civic leaders, and local and state government officials.

Click here for registration and more information.

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