Bill S6731-2013

Increases the number of land banks authorized to exist in the state to twenty

Increases the number of land banks authorized to exist in the state to twenty.

Details

Actions

  • Jun 10, 2014: SUBSTITUTED BY A8819
  • May 14, 2014: ADVANCED TO THIRD READING
  • May 13, 2014: 2ND REPORT CAL.
  • May 12, 2014: 1ST REPORT CAL.608
  • Mar 4, 2014: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Corporations, Authorities and Commissions - May 12, 2014
Ayes (6): Ranzenhofer, Flanagan, Larkin, Martins, Perkins, Squadron

Memo

BILL NUMBER:S6731

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.

JUSTIFICATION:

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.

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Discuss!

blog comments powered by Disqus