Broome County Land Bank will receive $1,074,600 in grant funding
BINGHAMTON (WBNG) -- On June 5, Senator Lea Webb announced that the Broome County Land Bank will receive $1,074,600 in grant funding through the New York State Land Bank Initiative to support economic development and provide increased opportunities for homeownership.
The grants were awarded on a competitive basis through a Request for Applications issued by New York State Homes and Community Renewal. The funds are drawn from $50 million allotted for the Governor’s Land Bank Initiative in the Fiscal Year 2023 New York State Budget.
“In Broome County, established a land bank which allows communities to take abandoned, decapitated properties and re-invest in them so that they can become quality, affordable housing,” said Webb
In the summer of 2022, HCR awarded operational funding to 26 land banks in Phase I of the initiative. The Phase II awards announced today will provide capital funding for acquisition, demolition, building stabilization and pre-development expenses.
New York’s land banks were established in 2012 with the passage of the New York State Land Bank Act. Land banks are local public authorities designed to acquire, stabilize, assemble, and facilitate the redevelopment of blighted and abandoned properties in order for them to be returned to productive use. There are currently 26 land banks across the state.
The Broome County Land Bank fosters economic and community development by acquiring, holding, managing, developing and marketing distressed, vacant, abandoned and under-utilized properties to build vibrant neighborhoods.
“We are dealing with a significant housing crisis and so land banks are integral partners in helping to not only acquire properties and turn them around but also making them affordable. Especially when you think about significant underinvestment that we’ve experienced across the state,” said Webb.
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