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New York providing grants to boost zombie property law compliance

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ALBANY, N.Y. (NEWS10) – New York is now holding companies accountable for so-called "zombie properties." The law goes into effect Tuesday. According to the law, banks and mortgage services.

LISC joined New York Attorney General Eric Schneiderman this week to announce the New york housing stabilization fund, a $13 million grant program for municipalities dealing with high concentrations of zombie and vacant properties. grants will be funded by bank settlement dollars negotiated by the AG’s office and will focus on both mitigation and prevention in the 100 cities, towns and.

The new legislation aims to reduce this timeframe by 240 days by providing "a process to have a property certified as vacant and abandoned, either by a municipal code officer or through judicial.

In the wake of the State’s zombie properties law, the Town Board of the Town of Hempstead recently adopted Local Law No. 46-2016 – modeled after similar laws adopted in several upstate New York communities – that will ensure that banks and other lenders will fulfill their maintenance obligations under the new State law.

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New York State took a number of. While the series used the term zombie property to describe. massive increase in the number of bank-owned homes as the number. Property Law to protect foreclosed properties in the wake of the. Requiring On-Site DFS Inspections & State Funding for Enforcement.