NEWBURGH – State Attorney General Eric Schneiderman Friday announced
a new program to provide New York State land banks like that in Newburgh
with a total of $4 million in subsidies for everyday New Yorkers to take
over individual, abandoned properties in their neighborhood, at little
or no costs, and rehab them
Schneiderman said the initiative was inspired by successful efforts such
as 13 Chambers Street in Newburgh. That property was acquired by the Newburgh
Community Land Bank in 2013. It was renovated by a local architect and
now provides three families with affordable rental housing.
“Funding through this innovative pilot program will help to ensure
the continued revitalization of our neighborhoods by bolstering the availability
of high-quality, affordable rental units while attracting local investors
to invest in their community into affordable rental housing,” said
Newburgh Mayor Judy Kennedy.
Those new housing units would have to remain affordable for at least 20
years.
Funding will come from the attorney general’s 2014 and 2015 settlements
with Citigroup and Bank of America over the banks’ conduct leading
up to the 2008 housing crash.
