Land Banks Provide Options for Dealing with Abandoned Properties
A new state law on land banks was implemented in 2011 in New York and a recent amendment to that law removes some of the barriers for acquisition that were prevalent and preventing program success. The amendment eliminated a restriction requiring counties and municipalities to purchase properties with judicial authorization, enabling them to bid at public auction.
In some areas of New York, the number of abandoned, foreclosed homes is very high. These homes need to be moved to another category more quickly. The new rule makes it easier for counties or municipalities to pursue empty properties in foreclosure. It will help them get properties back on the market and back on the tax roll. The simplified process should help them overcome the number of empty homes in their communities and ultimately enhance stability.
SOURCE: WBFO - Buffalo's NPR News Station