N.Y. Not-for-Profit Corporation Law § 1608: Acquisition of property

§ 1608. Acquisition of property.

(a) The real property of a land bank and its income and operations are

exempt from all taxation by the state of New York and by any of its

political subdivisions. The real property of a land bank shall be exempt

from: (i) all special ad valorem levies and special assessments as

defined in section one hundred two of the real property tax law; (ii)

sewer rent imposed under article fourteen-F of the general municipal

law; and (iii) any and all user charges imposed by any municipal

corporation, special district or other political subdivisions of the

state, provided, however, that real property of a land bank for which

such land bank receives rent, fees, or other charges for the use of such

real property shall not be exempt from subparagraphs (ii) and (iii) of

this paragraph. Such exempt status shall be effective upon the date of

transfer of title to a land bank, notwithstanding the applicable taxable

status date. Notwithstanding any other general, special or local law

relating to fees of clerks, no clerk shall charge or collect a fee for

filing, recording or indexing any paper, document, map or proceeding

filed, recorded or indexed for a land bank, or an officer thereof acting

in an official capacity, nor for furnishing a transcript, certification

or copy of any paper, document, map or proceeding to be used for land

bank purposes.

(b) The land bank may acquire real property or interests in real

property by gift, devise, transfer, exchange, foreclosure, purchase, or

otherwise on terms and conditions and in a manner the land bank

considers proper.

(c) The land bank may acquire real property by purchase contracts,

lease purchase agreements, installment sales contracts, land contracts,

and may accept transfers from municipalities upon such terms and

conditions as agreed to by the land bank and the municipality.

Notwithstanding any other law to the contrary, any municipality may

transfer to the land bank real property and interests in real property

of the municipality on such terms and conditions and according to such

procedures as determined by the municipality.

(d) The land bank shall maintain all of its real property in

accordance with the laws and ordinances of the jurisdiction in which the

real property is located.

(e) The land bank shall not own or hold real property located outside

the jurisdictional boundaries of the foreclosing governmental unit or

units which created the land bank; provided, however, that a land bank

may be granted authority pursuant to an intergovernmental cooperation

agreement with another municipality to manage and maintain real property

located within the jurisdiction of such other municipality.

(f) Notwithstanding any other provision of law to the contrary, any

municipality may convey to a land bank real property and interests in

real property on such terms and conditions, form and substance of

consideration, and procedures, all as determined by the transferring

municipality in its discretion.

(g) The acquisition of real property by a land bank pursuant to the

provisions of this article, from entities other than political

subdivisions, shall be limited to real property that is tax delinquent,

tax foreclosed, vacant or abandoned; provided, however, that a land bank

shall have authority to enter into agreements to purchase other real

property consistent with an approved redevelopment plan.

(h) The land bank shall maintain and make available for public review

and inspection a complete inventory of all property received by the land

bank. Such inventory shall include: the location of the parcel; the

purchase price, if any, for each parcel received; the current value

assigned to the property for purposes of real property taxation; the

amount, if any, owed to the locality for real property taxation; the

identity of the transferor; and any conditions or restrictions

applicable to the property.

(i) All parcels received by the land bank shall be listed on the

received inventory established pursuant to paragraph (h) of this section

within one week of acquisition and shall remain in such inventory for

one week prior to disposition.

(j) Failure to comply with the requirements in paragraphs (h) and (i)

of this section with regard to any particular parcel shall cause such

acquisition by the land bank to be null and void.