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Sponsors
Senator · Senate District 59
History
- Substituted by A8156B
- Advanced to third reading
- 2nd report cal.
- 1st report cal.723
- 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.
Relates to the assignment of rights resulting from a land bank's successful tender for property to the foreclosing governmental unit
Signed by Governor · Sponsor Crystal Peoples-Stokes
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the not-for-profit corporation law, in relation to assignment of rights by a land bank
Purpose
This bill authorizes not-for-profit Land Banks to assign all rights to real property purchased at public sale, due to foreclosure of said property as a result of unpaid property taxes, to the foreclosing governmental entity.
Summary of provisions
Section one amends the not-for-profit corporation law governing delinquent property tax enforcement to authorize an applicable Land Bank to assign all rights resulting from the Land Bank's successful tender of real property to the foreclosing governmental unit.
Section two establishes the effective date.
Justification
New York State's Land Bank program was developed in 2011 in an effort to combat the problem of vacant and abandoned properties by establishing authority to acquire real property that is tax delinquent, tax foreclosed, vacant and/or abandoned so that such properties are returned to a productive use.
Of particular significance, cities all across the State of New York have seen an uptick in tax-delinquent properties, with certain municipalities with larger housing stocks, being adversely impacted more so than others. For example, the City of Buffalo has foreclosed on thousands of tax-delinquent properties through its In Rem Foreclosure process. Unfortunately, many of these properties are transferred from one delinquent property owner to another, perpetuating a cycle that stymies productive reuse of the property and revitalization of the surrounding neighborhood in which the property is located.
In order to improve the effectiveness of this worthwhile program, this legislation would add another tool to a Land Bank's proverbial tool box, in essence, returning the identified real property back over to the foreclosing governmental entity, thereby providing a vehicle in which said property can be renovated or repurposed with the ultimate goal of restoring to the tax rolls.
Legislative history
This is a new bill.
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.