New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas today announced the launch of a new $50 million Land Bank Initiative, the first-ever dedicated source of state funding to help New York’s land banks reduce blight and transform vacant properties in communities across the state.

Incorporated land banks can apply now online for Phase 1 of the initiative which allocates $15 million to assist in land bank operations.

HCR plans to release an additional $20 million in Fall 2022 and another $15 million in early 2023 to be used for capital services and expenses including property acquisition, selective demolition, and rehabilitation.

Commissioner Visnauskas said, “New York has more than two dozen land banks that play a critical role in alleviating the negative effects of vacancy and blight on families, businesses, and our communities. This $50 million in dedicated funding will be strategically paired with other innovative HCR programs so that we can help breathe new life into dilapidated properties across New York. Our thanks to Governor Hochul for making land banks a priority in the new State Budget and empowering these forward-thinking organizations to make a difference across New York.”