The Kingston City Land Bank is a New York State Authority enabled by Chapter 257 of the Laws of 2011, Article 16 of the New York State Not-for-Profit Corporation Law – the “Land Bank Act”.
A land bank …
Acquires Properties
Maintains Properties
Disposes of Properties
Step 1: Acquisition
A land bank acquires distressed and abandoned properties.
The land bank acquires foreclosed properties from the city by paying the back taxes and filing transfer documents to take title to the properties.
Land banks have special powers to clear titles, allowing properties to be more efficiently disposed of.
The Land Bank will post details of the acquisition online for the public.
Step 2: Maintenance
A land bank maintains its properties.
The land bank stabilizes, maintains, addresses environmental issues and renovates to varying degrees each of these properties.
Once the Land Bank becomes the legal owners, we will be immediately responsible for all property maintenance, security, insurance, etc.
Step 3: Disposition
A land bank disposes of these properties to qualified buyers to support community goals via a transparent process.
The land bank sells, leases or otherwise transfers the properties to meet community needs.
We hope to support the creation of accessible housing, green space, and other proposed uses with significant community benefits.