Governor Hochul Announces $26 Million in Grants to Help 24 Land Banks Revitalize Communities Across New York State
Summary
Governor Kathy Hochul today announced nearly $26 million in grant funding has been awarded to 24 Land Banks across New York State. The funding, made available through the States Land Bank Initiative, will help eliminate blight, increase housing supply, assist local economic development efforts, spur the availability of homeownership opportunities, and improve the quality of life in communities that have experienced disinvestment.New Yorks Land Bank Initiative has already allowed us to preserve, restore, and revitalize rundown properties across the state, and we are excited to be extending the opportunity this year, Governor Hochul said. This program will empower local nonprofits the people that know their communities best to help increase homeownership while repairing the fabric of their neighborhoods.The awards announced today complement Governor Hochuls $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York State, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.The grants were awarded on a competitive basis through a Request for Applications issued by New York State Homes and Community Renewal. The Phase II awards announced today will provide capital funding for acquisition, demolition, building stabilization and pre-development expenses. Land banks are local public authorities designed to acquire, stabilize, assemble, and facilitate the redevelopment of blighted and abandoned properties in order for them to be returned to productive use.