2023 New York Laws › NPC - Not-For-Profit Corporation › Article 16 - Land Banks › 1608 - Acquisition of Property.

§ 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.