N.Y. Not-for-Profit Corporation Law § 1610: Financing of land bank operations

§ 1610. Financing of land bank operations.

(a) A land bank may receive funding through grants and loans from the

foreclosing governmental unit or units which created the land bank, from

other municipalities, from the state of New York, from the federal

government, and from other public and private sources.

(b) A land bank may receive and retain payments for services rendered,

for rents and leasehold payments received, for consideration for

disposition of real and personal property, for proceeds of insurance

coverage for losses incurred, for income from investments, and for any

other asset and activity lawfully permitted to a land bank under this

article.

(c) Upon the adoption of a local law, ordinance, or resolution by

municipality, school district or any taxing district, fifty percent of

the real property taxes collected on any specific parcel of real

property identified by such municipality, school district or any taxing

jurisdiction may be remitted to the land bank, in accordance with

procedures established by regulations promulgated by the department of

taxation and finance. Such allocation of real property tax revenues

shall commence with the first taxable year following the date of

conveyance and shall continue for a period of five years.