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New York Governor Andrew M. Cuomo has signed a law which allows state municipalities to establish land banks to redevelop vacant properties for the betterment of communities.
[IMAGE]Local land banks will be authorized to control the use of vacant, abandoned, or tax-delinquent properties.
Operating under the New York State Urban Development Corporation, the land banks will allow properties to be redeveloped or resold, thus utilizing existing, vacant buildings to address local demand.
""This signing is a win-win for homeowners, businesses, and all New Yorkers, and will improve the quality of life and
[COLUMN_BREAK]raise property values in many Upstate neighborhoods,"" said former assemblyman Sam Hoyt.
Senator David Valesky also spoke positively about the program, saying ""Abandoned and vacant properties create a host of problems in upstate cities and today we have a solution that will let localities undertake projects to recreate these properties into serving the needs of their community.""
""Governor Cuomo has many times traveled to communities across Upstate New York to discuss the need for economic revitalization and I applaud his decision to sign this historic legislation as it will put in place an important tool to improve villages and towns across this state,"" Valesky continued.
Cuomo believes the land banks will facilitate local authorities' abilities to ""take community redevelopment into their own hands.""
""Abandoned buildings and properties have brought blight and desolation to many communities,"" he said. ""This legislation will allow for new economic development projects and improve neighborhoods across New York state.""
""I included the creation of land banks in my urban agenda as a way to help transform our struggling urban communities,"" Cuomo added.
