Municipalities that didn’t get approval for a land bank this year can now try again.
Gov. Andrew Cuomo announced a second round of applications, which will be used to create up to five more land banks.
A land bank allows governments to work together to redevelop vacant, abandoned or tax-delinquent properties.
The program provides fiscal discipline, because revenue from selling the properties stays in the land bank, to be used for demolition or other land redevelopment purposes. The land bank can also offer tax incentives to buyers, enticing them to buy difficult properties by promising a lower tax rate for a certain number of years.
Schenectady was one of the five land banks approved in the first round. Its bank, which includes the city and county of Schenectady, the Schenectady City School District and the city of Amsterdam, is already underway.
Applications for the second round are due to the state by 3 p.m. on Nov. 30.