NEWBURGH – Two area land banks are going to receive funding from the state attorney general’s office.
The Newburgh Land Bank will receive $2 million toward its continuing efforts to revitalize the city’s housing stock. Sullivan County will receive $920,000 for its new land bank initiative.
In Newburgh, the land bank will create 50 affordable rental units, help 10 families buy homes, and recycle materials from demolished properties for use in future renovations.
Mayor Judy Kennedy is thrilled with the grant.
“We have a whole lot of properties now in the process that have been taken to the point where somebody can actually finish them and be above water instead of below water with them,” she said.
Sullivan County Legislature Chairman Luis Alvarez said their initiative which will concentrate on the urban areas initially rehabbing homes in the villages of Monticello and Liberty.
“Most of these properties people don’t want to buy because of the conditions they are in, but once we redo and fix them, a person can come look at the property and buy it,” Alvarez said.
Sullivan County decided to set up a land bank last year after meeting with Newburgh officials to learn about their program.
The grants were awarded under the Land Bank Community Revitalization Initiative, which was established in 2013 with funding secured through settlements with the nation’s largest banks over misconduct that contributed to the housing crisis.
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