N.Y. NPC Law § 1608 — New York Code / Act NPC / Article 16 / Section 1608
Acquisition of property
Status: in_force

§ 1608. Acquisition of property.\n  (a) The real property of a land bank and its income and operations are\nexempt from all taxation by the state of New York and by any of its\npolitical subdivisions. The real property of a land bank shall be exempt\nfrom: (i) all special ad valorem levies and special assessments as\ndefined in section one hundred two of the real property tax law; (ii)\nsewer rent imposed under article fourteen-F of the general municipal\nlaw; and (iii) any and all user charges imposed by any municipal\ncorporation, special district or other political subdivisions of the\nstate, provided, however, that real property of a land bank for which\nsuch land bank receives rent, fees, or other charges for the use of such\nreal property shall not be exempt from subparagraphs (ii) and (iii) of\nthis paragraph. Such exempt status shall be effective upon the date of\ntransfer of title to a land bank, notwithstanding the applicable taxable\nstatus date. Notwithstanding any other general, special or local law\nrelating to fees of clerks, no clerk shall charge or collect a fee for\nfiling, recording or indexing any paper, document, map or proceeding\nfiled, recorded or indexed for a land bank, or an officer thereof acting\nin an official capacity, nor for furnishing a transcript, certification\nor copy of any paper, document, map or proceeding to be used for land\nbank purposes.\n  (b) The land bank may acquire real property or interests in real\nproperty by gift, devise, transfer, exchange, foreclosure, purchase, or\notherwise on terms and conditions and in a manner the land bank\nconsiders proper.\n  (c) The land bank may acquire real property by purchase contracts,\nlease purchase agreements, installment sales contracts, land contracts,\nand may accept transfers from municipalities upon such terms and\nconditions as agreed to by the land bank and the municipality.\nNotwithstanding any other law to the contrary, any municipality may\ntransfer to the land bank real property and interests in real property\nof the municipality on such terms and conditions and according to such\nprocedures as determined by the municipality.\n  (d) The land bank shall maintain all of its real property in\naccordance with the laws and ordinances of the jurisdiction in which the\nreal property is located.\n  (e) The land bank shall not own or hold real property located outside\nthe jurisdictional boundaries of the foreclosing governmental unit or\nunits which created the land bank; provided, however, that a land bank\nmay be granted authority pursuant to an intergovernmental cooperation\nagreement with another municipality to manage and maintain real property\nlocated within the jurisdiction of such other municipality.\n  (f) Notwithstanding any other provision of law to the contrary, any\nmunicipality may convey to a land bank real property and interests in\nreal property on such terms and conditions, form and substance of\nconsideration, and procedures, all as determined by the transferring\nmunicipality in its discretion.\n (g) The acquisition of real property by a land bank pursuant to the\nprovisions of this article, from entities other than political\nsubdivisions, shall be limited to real property that is tax delinquent,\ntax foreclosed, vacant or abandoned; provided, however, that a land bank\nshall have authority to enter into agreements to purchase other real\nproperty consistent with an approved redevelopment plan.\n  (h) The land bank shall maintain and make available for public review\nand inspection a complete inventory of all property received by the land\nbank. Such inventory shall include: the location of the parcel; the\npurchase price, if any, for each parcel received; the current value\nassigned to the property for purposes of real property taxation; the\namount, if any, owed to the locality for real property taxation; the\nidentity of the transferor; and any conditions or restrictions\napplicable to the property.\n  (i) All parcels received by the land bank shall be listed on the\nreceived inventory established pursuant to paragraph (h) of this section\nwithin one week of acquisition and shall remain in such inventory for\none week prior to disposition.\n  (j) Failure to comply with the requirements in paragraphs (h) and (i)\nof this section with regard to any particular parcel shall cause such\nacquisition by the land bank to be null and void.\n