Relates to the creation of a land bank in a city with eight million or more residents by adoption of a local law by the city council and limits board membership to eleven members.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A6911
SPONSOR: Mosley TITLE OF BILL: An act to amend the not-for-profit corporation law, in
relation to the creation of a land bank in a city with eight million or
more residents by adoption of a local law by the city council
PURPOSE OR GENERAL IDEA OF BILL:
To amend the not-for-profit corporation law and allows cities with popu-
lations larger than eight million or more residents to create land
banks.
SUMMARY OF SPECIFIC PROVISIONS:
Allows larger cities to create land banks and control formerly owned
governmental units. Amending Section 1603 of the Land Bank Act, Article
16 of the not-for-profit corporation law.
JUSTIFICATION:
New York City is in a housing crisis at levels not seen since WWII.
This is due impart to many factors, but the biggest burden during this
crisis is the cost of land acquisition. This bill will forced New York
City to utilize their vacant lots to build truly affordable housing
using deeper levels of Area Medium Income Bands through non profit
community developers
PRIOR LEGISLATIVE HISTORY:
New bill.
FISCAL IMPLICATIONS:
Minimum to none.
EFFECTIVE DATE:
This act shall take effect immediately.
