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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A8819
- Advanced to third reading
- 2nd report cal.
- 1st report cal.608
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Increases the number of land banks authorized to exist in the state to twenty
Signed by Governor · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6731
Title of bill
An act to amend the not-for-profit corporation law, in relation to increasing the number of land banks authorized to exist in the state
Purpose or general idea of bill
To amend the Not-for-Profit Corporation Law to authorize the creation of additional land banks.
Summary of specific provisions
Section 1 amends the Not-for-Profit Corporation Law to increase the number of land banks in New York state permitted under law from ten to twenty.
Section 2 is the effective date.
Justification
Under law, only ten land banks may exist in New York State. In less than 2 1/2 years, eight land banks have been created. Several cities, towns and counties are currently considering the formation of land banks. In order to empower these municipalities, New York must increase the number of land banks permitted under law.
Land Banks are one of the most effective tools to-reduce blight and advance community revitalization. Accordingly, the Attorney General has committed to funding land banks through a competitive request for applications. The first round of funding was announced this past October. Applications for a second round of land bank funding will be available in the summer of 2014.
By expanding the total number of potential land banks in New York, this legislation will ensure that additional cities, towns and counties seeking to revitalize their communities will have access to this extremely important tool.
Prior legislative history
This is new legislation.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.