Industry Update
April 12, 2023
Source: observertoday.com
Over a 10-year period, the Chautauqua County Land Bank has been able to successfully facilitate 118 properties, complete 172 demolitions, and leverage more than $10 million in public grant funds to attract an additional $10.8 million of private investment in local housing improvements.
Those stats come from the New York Land Bank Association, which recently looked at the 26 land banks in the state and what they accomplished from 2012-2022. In its 52-page report, which was compiled by Center for Community Progress, the New York Land Banks Association reports that statewide land banks have acquired over 5,000 problem properties, demolished 1,567 vacant structures, returned 3,231 properties to productive use, generated more than $300 million in private investment, and returned $135 million in assessed value to local tax rolls.
“Land banks are a powerful tool for counties to combat vacancy and blight in their communities,” said New York State Association of Counties Executive Director Stephen J. Acquario. “By bringing abandoned and tax-delinquent properties into productive use, these land bank interventions have curtailed the drain on local resources, stabilized property values, and made our neighborhoods safer places to live. We applaud the land banks for the results they have achieved over the past decade and look forward to using our continued partnership to expand affordable housing and build more equitable, resilient communities.”
For full report, please click the source link above.
