The Syracuse land bank won a large competitive grant to help fund the restoration or demolition of vacant and delinquent homes throughout the city.
The Greater Syracuse Property Development Corporation was awarded $3 million as part of the Land Bank Community Revitalization Initiative.
The initiative is a two-year, $20 million program that uses money from last yearâ??s National Mortgage Settlement to help communities restore neighborhoods hit hard by the housing crisis. The land bank plans to demolish or restore vacant or damaged homes to drive up property values in these neighborhoods.
The Syracuse grant is part of the first round of competitive funding for land banks throughout the state. The first round of funding totals over $12.4 million, with Syracuse being awarded the largest grant.
Attorney General Eric Schneiderman said Syracuse's application showed the city was ready to move forward with the acquisition and demolition of delinquent properties.
The Erie County/Buffalo, Rochester, Chautauqua County, Newburgh, and Suffolk County land banks were also awarded grant money through the initiative.