§ 1610 — Financing of land bank operations

§ 1610. Financing of land bank operations.\n (a) A land bank may receive funding through grants and loans from the\nforeclosing governmental unit or units which created the land bank, from\nother municipalities, from the state of New York, from the federal\ngovernment, and from other public and private sources.\n (b) A land bank may receive and retain payments for services rendered,\nfor rents and leasehold payments received, for consideration for\ndisposition of real and personal property, for proceeds of insurance\ncoverage for losses incurred, for income from investments, and for any\nother asset and activity lawfully permitted to a land bank under this\narticle.\n (c) Upon the adoption of a local law, ordinance, or resolution by\nmunicipality, school district or any taxing district, fifty percent of\nthe real property taxes collected on any specific parcel of real\nproperty identified by such municipality, school district or any taxing\njurisdiction may be remitted to the land bank, in accordance with\nprocedures established by regulations promulgated by the department of\ntaxation and finance. Such allocation of real property tax revenues\nshall commence with the first taxable year following the date of\nconveyance and shall continue for a period of five years.\n