Enterprise Community Partners reveals $4.3 million to expand land bank initiative in New York State

New York, NY Enterprise Community Partners, Inc. (Enterprise) revealed  a Request for Application (RFA) for $4.3 million to support newly formed land banks across the state. The funds come from historic settlements between Bank of America and Citibank and the Department of Justice, the office of attorney general Eric Schneiderman and several other attorneys general. The new funding will build capacity of newly formed land banks that are working to revitalize deteriorated, blighted and foreclosed properties in communities that were hit hard during the mortgage crisis. In July 2013, New York State Attorney General Schneiderman launched the Land Banks Community Revitalization Initiative, dedicating a portion of the funds awarded to New York under the National Mortgage Settlement to support legally designated land banks, formed under the New York State Land Bank Act of 2011. Enterprise was selected to project manage the program, which includes coordinating the deployment of funds to the land banks, evaluating applications, monitoring activities, and providing technical assistance. In the first round of grant awards announced on October 29, 2013, the Attorney General awarded $13 million to eight land banks statewide. In October 2014, a new allocation of nearly $20 million was made to ten land banks statewide, bringing the total commitment to $33 million. “The work being carried out by the existing land banks across New York State is critical to addressing blight and other effects of the foreclosure crisis,” said Attorney General Schneiderman. “This additional allocation of funds targeted specifically to newly formed land banks will have a huge impact on the communities who receive it, and I am proud of the work that my office has done to make this funding possible.” “Enterprise is excited to continue its work supporting local efforts to revitalize New York State communities hit hard by the foreclosure crisis,” said Judi Kende, Vice President and New York Market Leader, Enterprise Community Partners. “These resources will be used to address some of the most difficult to fund revitalization activities, including capacity building, blight remediation and renovation of long vacant structures.” Funds can be used by the land banks for a range of community revitalization purposes, including demolition, environmental remediation, rehabilitation, hiring staff and the acquisition of additional blighted properties. Applications for grants are due February 1, 2016. Eligible applicants are land banks that have received official New York State approval in 2015 or have completed a pending application estimated start date on or before February 1, 2016. To obtain a copy of the RFA, visit http://bit.ly/LandBankRFA.