NEWBURGH – State Attorney General Eric Schneiderman Friday announced a new program to provide New York State land banks like that in Newburgh with a total of $4 million in subsidies for everyday New Yorkers to take over individual, abandoned properties in their neighborhood, at little or no costs, and rehab them.
Schneiderman said the initiative was inspired by successful efforts such as 13 Chambers Street in Newburgh. That property was acquired by the Newburgh Community Land Bank in 2013. It was renovated by a local architect and now provides three families with affordable rental housing.
“Funding through this innovative pilot program will help to ensure the continued revitalization of our neighborh
oods by bolstering the availability of high-quality, affordable rental units while attracting local investors to invest in their community into affordable rental housing,” said Newburgh Mayor Judy Kennedy.
Those new housing units would have to remain affordable for at least 20 years.
Funding will come from the attorney general’s 2014 and 2015 settlements with Citigroup and Bank of America over the banks’ conduct leading up to the 2008 housing crash.
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