NYS AG Announces Grants For Land Banks

Mar 25, 2017

New York Attorney General Eric Schneiderman Friday announced $20.9 million in new grants to 19 land banks that are rebuilding neighborhoods across the state. Two recipients are in the Hudson Valley.

The land banks acquire abandoned properties and return them to use. The Newburgh Community Land Bank will use its $2 million grant to create 50 affordable rental units, help 10 families realize home ownership, and recycle materials from demolished properties for use in future renovations. The Sullivan County Land Bank was awarded a $920,000 grant. Funding for the grants comes from the attorney general’s 2016 settlement agreements with Goldman Sachs and Morgan Stanley. The grants are for the state’s original ten land banks, which include Newburgh, and nine newly established land banks, such as the one in Sullivan County.