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The bidding is starting as low as $1,000 per house.
A new publication detailing the process for creating new land banks and working with existing land bank authorities is now available as a free download.
New York plans to launch a competitive application process for land banks seeking funding to restore vacant or abandoned properties across the state. The state, over a two-year period, will dedicate up to $20 million towards this effort.
The measure, if it becomes law, could produce a ripple effect spawning similar legislation elsewhere in the nation.
Wayne County properties that failed to sell at auction in 2012 will be transferred to the city of Detroit who will in turn pass them along to the land bank.
While it could take up to a year to get the land bank up and operating, once underway it would be the largest land bank in the country in terms of geography covered.
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