New York Not-For-Profit Corporation Law Article 16 - LAND BANKS

• 1600 - Short Title.
  This article shall be known and may be cited as the "land bank act".
• 1601 - Legislative Intent.
  The legislature finds and declares that New York's communities are important to the social and economic vitality of the state. Whether urban, suburban, or rural,...
• 1602 - Definitions.
  The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates...
• 1603 - Creation and Existence.
  (a) Any foreclosing governmental unit may create a land bank by the adoption of a local law, ordinance, or resolution as appropriate to such foreclosing...
• 1604 - Applicability of New York Law.
  This article shall apply only to land banks created pursuant to this article.
• 1605 - Board of Directors.
  (a) (1) The initial size of the board shall be determined in accordance with section sixteen hundred three of this article. Unless restricted by the...
• 1606 - Staff.
  A land bank may employ a secretary, an executive director, its own counsel and legal staff, and such technical experts, and such other agents and...
• 1607 - Powers.
  (a) A land bank shall constitute a charitable not-for-profit corporation under New York law, which powers shall include all powers necessary to carry out and...
• 1608 - Acquisition of Property.
  (a) The real property of a land bank and its income and operations are exempt from all taxation by the state of New York and...
• 1609 - Disposition of Property.
  (a) The land bank shall hold in its own name, or in the name of a lawfully organized subsidiary, all real property acquired by the...
• 1610 - Financing of Land Bank Operations.
  (a) A land bank may receive funding through grants and loans from the foreclosing governmental unit or units which created the land bank, from other...
• 1611 - Borrowing and Issuance of Bonds.
  (a) A land bank shall have power to issue bonds for any of its corporate purposes, the principal and interest of which are payable from...
• 1612 - Public Records and Public Meetings.
  (a) The board shall cause minutes and a record to be kept of all its proceedings. Except as otherwise provided in this section, the land...
• 1613 - Dissolution of Land Bank.
  A land bank may be dissolved as a charitable not-for-profit corporation sixty calendar days after an affirmative resolution approved by two-thirds of the membership of...
• 1614 - Conflicts of Interest.
  No member of the board or employee of a land bank shall acquire any interest, direct or indirect, in real property of the land bank,...
• 1615 - Construction, Intent and Scope.
  The provisions of this article shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authorization for the performance...
• 1616 - Delinquent Property Tax Enforcement.
  The municipality may enter into a contract to sell some or all of the delinquent tax liens held by it to a land bank, subject...
• 1617 - Contracts.
  (a) The land bank may, in its discretion, assign contracts for supervision and coordination to the successful bidder for any subdivision of work for which...

Last modified: February 3, 2019