In the Empire State, cities, villages, towns and counties have the ability develop their own procedures to address non-performing properties within their communities by establishing land banks.
When setting up a land bank in New York, a municipality will create a foreclosing governmental unit.
The foreclosing governmental unit is able to take possession of non-performing properties. Repositioning the properties to be conveyed to a public or private person, or entity. This includes developers.
A land bank’s property acquisition policy sets what the land bank targets – tax-foreclosures, vacant, abandoned, or tax-delinquent parcels – and how it prioritizes each.
A property disposition policy covers who is able to purchase land bank properties. The property disposition policy also sets out how offers are evaluated, the pricing of properties as well as board approval procedures.
A land bank’s procurement policy governs rehab and/or demolitions.
The land bank will establish an annual budget, while also developing an operating plan.
Land banks maintain property inventory lists.
