In a bid to tackle housing affordability and scarcity, New York Governor Kathy Hochul announced on Friday that $26 million in funding will be allocated to 24 land banks across the state.
This forms part of the larger $229 billion state budget and empowers local nonprofits to increase homeownership while restoring their neighborhoods.
The Governor highlighted that the Land Bank Initiative has already been instrumental in preserving, restoring, and revitalizing rundown properties across the state.
Established in 2012, New York’s land banks act as public authorities that help assemble and build on blighted and abandoned properties.
State officials are optimistic that the awards will contribute to the larger goal of creating or preserving 100,000 affordable homes in the state.
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