NEWBURGH COMMUNITY LAND BANK
Land Bank Facts
- Governor Cuomo and the Empire State Development Corporation have designated the City Newburgh as one of the first five municipalities in the State to create a Land Bank incorporated under the New York State Not-for-Profit Corporation Law.
- Land Banks are part of a long term strategy to combat the decades-old problem of vacant and abandoned properties that includes code enforcement, regulation streamlining and improvement, good land use planning, and economic development strategy.
- The primary focus of land bank operations is the acquisition of real property that is tax delinquent, tax foreclosed, vacant and/or abandoned, and to use the tools of the program to eliminate the harms and liabilities caused by such properties.
- Properties that are placed into the Land Bank are granted title free from liens and back-taxes; Land Bank Properties are exempt from all taxation while they are held by the entity.
- Almost 10% of the City’s property is vacant and abandoned. The goal of the Newburgh Community Land Bank is to plan for the redevelopment of distressed properties so that it may be returned to productive use. Productive use means the creation of economic development opportunities, accessible, quality housing, commercial development, community amenities, local jobs, and more.
- The Board of Directors consists of eleven members including a City Council Member, the City Manager, Chair of the Property Remediation Task Force, a Planning Board member; and five non-City government members consisting of representatives from anchor institutions, local not-for-profit corporations, and community members. Members are elected to two year terms.
- The Resident Advisory Committee will help guide the activities of the Land Bank to ensure that development plans and disposition is responsive to community interest and concern. Two of these committee members will act as delegates to the Board of Directors.
- A Cabinet of technical experts will be created to advise the Land Bank. Individuals with significant development, finance, historical, real estate, among other relevant fields of expertise.
What the Land Bank is NOT:
- The Land Bank is NOT a city agency; it is a NYS not-for-profit corporation.
- The Land Bank does NOT have the power of eminent domain. It can only acquire properties that have already been foreclosed upon by a governmental entity or through traditional means of acquisition (sale or donation).
- NO member of the Land Bank Board of Directors may hold an interest in any property acquired by the Land Bank.
- NO member of the Land Bank Board of Directors receives compensation OF ANY KIND for serving the Land Bank.
- While the Land Bank is a tool for revitalizing abandoned and vacant property, it is NOT meant merely as a receptacle for only demolition condition properties. Tax foreclosed properties of all kinds can benefit from Land Bank ownership. The Land Bank will be a financially self-sufficient entity that operates from the modest proceeds generated from renting and selling real estate.