New York providing grants to boost zombie property law compliance

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ALBANY, N.Y. (NEWS10) – New York is now holding companies accountable for so-called "zombie properties." The law goes into effect Tuesday. According to the law, banks and mortgage services.

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New Zombie Home Foreclosure Law In New York On June 23, 2016, Governor Andrew Cumo signed a ground breaking bill into law requiring banks to take responsibility for "zombie" properties. The law is an amendment to Section 1307 of the Real Property Actions and Proceedings Law.

LISC joined New York Attorney General Eric Schneiderman this week to announce the New York Housing Stabilization Fund, a $13 million grant program for municipalities dealing with high concentrations of zombie and vacant properties. Grants will be funded by bank settlement dollars negotiated by the AG’s office and will focus on both mitigation and prevention in the 100 cities, towns and.

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September 27, 2017. New York Launches Education Initiative and Issues Additional Guidance Regarding "Zombie Property" Obligations. Tom Quinn. As we have previously reported in earlier editions of Hudson Cook Insights, New York has adopted sweeping changes to its Real Property and Procedures Law and accompanying regulations that address, among other things, the inspection, securing, and.

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Municipalities have also reported better compliance from property owners following the passage of the New York State Abandoned Property Neighborhood Relief Act in 2016. The law requires banks and.

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The Local initiatives support corporation (LISC) is making $13 million in grants to municipalities across New York to help them address housing vacancy and blight, with an emphasis on "zombie" property prevention and enforcement. Zombies are homes abandoned by owners under the threat of foreclosure but for which the process has yet to be completed.

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The city of Glens Falls is applying for another round of funding to crack down on "zombie properties." Glens Falls seeking state grants to fight ‘zombie’ properties | Local | poststar.com You.