Hudson Valley News
Tue October 29, 2013
Newburgh Land Bank Awarded Almost $2.5 Million
NEWBURGH – The State Attorney General’s Office has announced the award of $2.45 million to the Newburgh Community Land Bank in the City of Newburgh.
The money comes from the National Mortgage Settlement. The Newburgh Land Bank was awarded in a competitive process.
Mayor Judy Kennedy said the funds will serve as seed money for the project.
“This grant will really jumpstart the process of revitalizing our neighborhoods by improving properties, and by attracting new property owners and thereby increasing our tax base,” Kennedy said.
The grant will fund a full-time executive director and a project manager; acquire, remediate and resell 20 highly distressed vacant and abandoned properties; acquire, demolish and rebuild 20 affordable multi-family apartments in partnership with a local non-profit developer; and acquire, remediate and resell five homes on a very distressed block in the city in partnership with a local non-profit developer.
The Office of Attorney General funding will allow the Land Bank to leverage up to $5 million to $7 million in additional private financing and public support to execute the projects over the next 24 months.