Rochester has been given approval by Empire State Development to establish a not-for-profit land bank corporation to help return vacant, abandoned and tax-delinquent properties to productive uses through the HOME Rochester Program.
Empire State Development is carrying out state legislation introduced in 2011 that allows for the creation of 10 land banks throughout the state. Rochester applied in the second round of the program and will now create the Rochester Land Bank Corporation (the Land Bank).
“A land bank in Rochester is another tool we can use to strengthen our neighborhoods across the city,” said Mayor Thomas S. Richards.
The Land Bank will help to save community development funds by reducing acquisition costs of vacant, abandoned and tax-delinquent properties and funneling them into community development programs such as HOME Rochester.
The Rochester Land Bank Corporation will start acquiring properties as early as this summer. The plan for the Land Bank is to take title to an average of 25 properties during each of the first two years of operation and supply them to the HOME Rochester Program for renovation and sale.