(WBNG Binghamton) Broome County is one of eight locations in the state that can legally take over vacant or tax delinquent buildings for demolition or rehabilitation. It's called a land bank, and it's meant to benefit neighborhoods.
There's now $20 million issued by New York State Attorney General Eric Schneiderman to reinvest into selected communities that are still struggling to recover from the housing crisis.
Schneiderman announced the opening of the application process for a piece of this financial pie.
For Broome County, this means taking buildings whose owners are tax-delinquent or that have been abandoned and determining whether they can be used to enhance the local economy.
This change could also improve property values of surrounding buildings or homes.
If the buildings are refurbished they can be sold to create more revenue.
Broome County has created a committee that will look at all the buildings that qualify within the county and determine which ones should be saved and which should be demolished.
"With this we going to be able to identify properties with great potential and work to maximize their impact on our economy," said Broome County Executive Debbie Preston.
Schneiderman's office says they hope to have a second round of applications later this year.
The deadline for submitting applications for this round is Sept. 15.
A decision on how much money Broome County could receive won't be decided until mid-October.