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History
- Referred to housing, construction and community development
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.
Enacts the "zombie property remediation act of 2016"
In Assembly Committee · Judiciary · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property actions and proceedings law, in relation to authorizing municipalities to compel mortgagees either to complete a mortgage foreclosure proceeding pursuant to article 13 of the real property actions and proceedings law or to issue a certificate of discharge of the mortgage for any property which has been certified abandoned pursuant to real property actions and proceedings law section 1971
Purpose
Thousands of abandoned properties are blighting communities throughout the State of New York. Complicating the efforts of local government officials to deal with these properties that depress surrounding property values and put on a strain on municipal resources are zombie properties. Zombie properties sit in legal foreclosure limbo for years, frequently abandoned by the property owners, generally deteriorating sometimes to the point that the buildings must be demolished while the mortgagee fails to complete the foreclosure process.
Summary of provisions
Section 1 of the Act sets forth the bill's short title: "Zombie Property Remediation Act".
Section 2 adds a new section 1392 of the real property actions and proceedings law which authorizes local governments to commence judicial proceedings in courts of competent jurisdiction to compel mortgagees to either complete mortgage foreclosure actions or to issue certificates of discharge for the mortgage for properties that have been certified as abandoned pursuant to real property actions and proceedings law section 1971.
Justification
By enacting this legislation, municipalities will be able to better address the "zombie properties" that are plaguing communities across the state.
Legislative history
This is a new bill.
Fiscal implications
None to the State. This legislation should financially benefit municipalities in allowing them to reclaim and redevelop "zombie properties" in order to return them to the property tax rolls.
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.