NY Not for Profit Corp L § 1609 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 16 - Land Banks 1609 - Disposition of Property.

§ 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.