NEWBURGH – Since its inception in 2012, the Newburgh Community Land Bank has sold 56 of its initial 82 properties, returned over $3 million in assessed value to the tax rolls and generated $116,000 in new local taxes annually.
The New YorkLand Bank Association released those statistics on Thursday
also noting nine other properties have been abated and/or stabilized,
and two have been fully renovated for purchase by Newburgh residents looking
to become first-time homebuyers.
An example of the land bank’s recent work is the closing of a $15 million scattered-site development project with developer RUPCO, which will produce 45 affordable housing units within 17 properties in a four-city block area.
The land bank is also serving as a leading partner in two major place-based initiatives – the Main Street Revitalization project reimaging the intersection of Broadway and Liberty Street as a “city center,” and the creation of an urban farm at Downing Park.
The Newburgh Land Bank has also been awarded an additional $2 million from the state attorney general’s Land Bank Community Revitalization Initiative to be used to create an additional 50 affordable rental units, help 10 families achieve homeownership, and begin deconstruction and salvage program to repurpose building materials and architectural elements.
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