§ 1609. Disposition of property.

(a) The land bank shall hold in its own name, or in the name of a
lawfully organized subsidiary, all real property acquired by the land
bank irrespective of the identity of the transferor of such property.

(a-1) This section governing the disposition of property by land banks
shall supersede section twenty-eight hundred ninety-seven of the public
authorities law in the governance of property dispositions by land banks
and, as such, notwithstanding any other general, special or local law to
the contrary, section twenty-eight hundred ninety-seven of the public
authorities law shall not apply to land banks.

(b) The land bank shall maintain and make available for public review
and inspection a complete inventory of all real property dispositions by
the land bank. Such inventory shall include a complete copy of the sales
contract including all terms and conditions including, but not limited
to, any form of compensation received by the land bank or any other
party which is not included within the sale price.

(c) The land bank shall determine and set forth in policies and
procedures of the board of directors the general terms and conditions
for consideration to be received by the land bank for the transfer of
real property and interests in real property, which consideration may
take the form of monetary payments and secured financial obligations,
covenants and conditions related to the present and future use of the
property, contractual commitments of the transferee, and such other
forms of consideration as are consistent with state and local law.

(d) The land bank may convey, exchange, sell, transfer, lease as
lessor, grant, release and demise, pledge any and all interests in, upon
or to real property of the land bank.

(e) A foreclosing governmental unit may, in its local law, resolution
or ordinance creating a land bank, or, in the case of multiple
foreclosing governmental units creating a single land bank in the
applicable intergovernmental cooperation agreement, establish a
hierarchical ranking of priorities for the use of real property conveyed
by a land bank including but not limited to:

(1) use for purely public spaces and places;

(2) use for affordable housing;

(3) use for retail, commercial and industrial activities;

(4) use as wildlife conservation areas; and

(5) such other uses and in such hierarchical order as determined by
the foreclosing governmental unit or units.

(f) A foreclosing governmental unit may, in its local law, resolution
or ordinance creating a land bank, or, in the case of multiple
foreclosing governmental units creating a single land bank in the
applicable intergovernmental cooperation agreement, require that any
particular form of disposition of real property, or any disposition of
real property located within specified jurisdictions, be subject to
specified voting and approval requirements of the board of directors.
Except and unless restricted or constrained in this manner, the board of
directors may delegate to officers and employees the authority to enter
into and execute agreements, instruments of conveyance and all other
related documents pertaining to the conveyance of real property by the
land bank.

(g) All property dispositions shall be listed on the property
disposition inventory established pursuant to paragraph (b) of this
section within one week of disposition. Such records shall remain
available for public inspection in the property disposition inventory
indefinitely.

(h) Failure to comply with the requirements in paragraph (g) of this
section shall subject the land bank to a civil penalty of one hundred
dollars per violation up to a maximum of ten thousand dollars for each
parcel, recoverable in an action brought by the attorney general or
district attorney. The attorney general or district attorney may also
seek rescission of the real property transaction.