3 Things To Know About Land Banks In NY

By Kaitlin Ugolik (June 11, 2014, 8:40 PM EDT) -- The New York State Legislature on Tuesday passed a bill authorizing 10 new land banks in the state, and with Gov. Andrew Cuomo widely expected to sign it into law, experts say developers may soon see a slew of new opportunities in some of the areas of the state hit hardest by the economic downturn.

Cuomo signed the first Land Bank Act in 2011 in an effort to rehabilitate areas of the state that had suffered significant blight thanks to foreclosures. The act allows the new nonprofit land banks to acquire abandoned and foreclosed property and land parcels, clear titles, and sell...

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