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This entry was published on 2019-01-11
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Acquisition of property
Not-for-Profit Corporation (NPC) CHAPTER 35, ARTICLE 16
§ 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.