At its October meeting, members of the Columbia County Economic Development Committee heard a presentation on the state’s land bank programs by Adam Zaranko, President of the New York Land Bank Association and Executive Director of the Albany County Land Bank. Land banks are not-for-profit corporations created to take control of, and redevelop, vacant or abandoned properties to better serve the public interest. New York State has approved the creation of 25 land banks, and there is pending legislation to increase that number. Land banks aim to stabilize neighborhoods and property values by reducing blight and vacancy, and have the ability to obtain property at low or no cost then hold it tax free in order to reduce the cost of redevelopment. Officials in Columbia County continue to seek opportunities like this to incentivize development in our communities. Read more about the state’s land bank program, which is administered through Empire State Development, here.
October 26, 2018