Some officials thrilled with new land banks law

Gov. Andrew Cuomo has signed a new law allowing for creation of municipal land banks.  A land bank is a not-for-profit group that has the power to bundle foreclosed properties.

The new law will allow them to take control of these properties and then redevelop or sell them.

Cuomo says many upstate municipalities have an overabundance of vacant properties due to population losses, and the new law should give cities and counties a new tool for rebuilding.

We’re not sure how this will effect St. Lawrence County, and its effort to get polluted sites back on the tax rolls.

The Times Herald Record reports that officials in Newburgh are thrilled that the law has been approved.

Tags: economy