New York providing grants to boost zombie property law compliance

New regulation will hold lenders and mortgage servicers "accountable". In July, New york attorney general eric Schneiderman announced a new program that will help New York’s city governments track and address zombie homes in their respective cities. According to Schneiderman’s office, the Zombie Remediation and Prevention Initiative will provide $13 million in grants to local governments to fight zombie homes.

The Local Initiatives Support Corporation (LISC) is making $13 million in grants to municipalities across New York to help them address housing vacancy and blight, with an emphasis on "zombie" property prevention and enforcement. Zombies are homes abandoned by owners under the threat of foreclosure but for which the process has yet to be completed.

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These grants are a continuation of the 2016 Zombie Remediation and Prevention Initiative created by the Office of the New York Attorney General, which provided nearly $13 million in grants to 76 New York municipalities. This year’s grant will allow previous recipients to continue their previous work, or will give first-time grantees the opportunity to secure funding to support their zombie and vacant property efforts.

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 · HUDSON VALLEY, NY – Mount Vernon, Newburgh and White Plains are among 10 cities in New York state getting new grants to help them clear out zombie properties. This second round of.

Proposed Regulation Issued Under New York State’s "Zombie Properties" Law. [1] "Mortgage" means "a first lien upon residential real property as is commonly given to secure advances on, or the unpaid purchase price of, real property under the laws of this state, together with the credit instrument or instruments, if any,

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NYCOM Analysis of Newly Enacted . Zombie Property and Foreclosure Prevention Law. One of the most significant reforms passed during the 2016 New York State Legislative session was included in Chapter 73 of the Laws of 2016 . 1. Signed into law on June 23, 2016, this omnibus legislation includes

 · Prior to the passage and enactment of the zombie property legislation, New York law required that the mortgagee maintain the vacant residential property only after a judgment of foreclosure and.

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New York Attorney General Eric T. Schneiderman said, "This hotline will help localities address the scourge of abandoned homes, which drag down property values and create unsafe conditions across New York State. The hotline provides added teeth to the recently passed zombie home legislation, facilitating compliance and a path out of the crisis that has persisted years after the housing crash hit.