Bill > S04876

This bill amends the New York not-for-profit corporation law to expand the powers of land banks, which are nonprofit organizations typically created to address vacant, abandoned, or tax-delinquent properties in a community. Specifically, the bill adds new authority for land banks to lend money, provide grants, and accept both real and personal property as security for loans or grant agreements. The legislation also clarifies existing rules about land bank subsidiaries, including that such subsidiaries can be formed as charitable nonprofits or single-member limited liability companies, primarily to limit potential liability or comply with legal requirements. These subsidiaries are subject to reporting requirements and are exempt from state and local taxation. The bill represents an effort to give land banks more financial flexibility and tools to manage and rehabilitate properties in distressed areas, potentially supporting community development and urban renewal efforts. The changes will take effect immediately upon enactment.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S4876