Increases the number of land banks authorized to exist in the state to twenty.
TITLE OF BILL: An act to amend the not-for-profit corporation law, in relation to increasing the number of land banks authorized to exist in the state
PURPOSE OR GENERAL IDEA OF BILL:
To amend the Not-for-Profit Corporation Law to authorize the creation of additional land banks.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends the Not-for-Profit Corporation Law to increase the number of land banks in New York state permitted under law from ten to twenty.
Section 2 is the effective date.
Under law, only ten land banks may exist in New York State. In less than 2 1/2 years, eight land banks have been created. Several cities, towns and counties are currently considering the formation of land banks. In order to empower these municipalities, New York must increase the number of land banks permitted under law.
Land Banks are one of the most effective tools to-reduce blight and advance community revitalization. Accordingly, the Attorney General has committed to funding land banks through a competitive request for applications. The first round of funding was announced this past October. Applications for a second round of land bank funding will be available in the summer of 2014.
By expanding the total number of potential land banks in New York, this legislation will ensure that additional cities, towns and counties seeking to revitalize their communities will have access to this extremely important tool.
PRIOR LEGISLATIVE HISTORY:
This is new legislation.
This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 6731 IN SENATE March 4, 2014 ___________Introduced by Sen. VALESKY -- (at request of the Attorney General) -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the not-for-profit corporation law, in relation to increasing the number of land banks authorized to exist in the state THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (g) of section 1603 of the not-for-profit corpo- ration law, as added by chapter 257 of the laws of 2011, is amended to read as follows: (g) Nothing in this article shall be construed to authorize the exist- ence of more than
[ten]TWENTY land banks located in the state at one time, provided further that each foreclosing governmental unit or units proposing to create a land bank shall submit such local law, ordinance or resolution as required by paragraph (a) of this section, to the urban development corporation, for its review and approval. The creation of a land bank shall be conditioned upon approval of the urban development corporation. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13702-01-4