Presiding Officer Norma L. Gonsalves voted this week to approve legislation authorizing the creation of a Nassau County Land Bank. The Land bank is a non-profit corporation that will buy, restore and market abandoned properties – a.k.a “Zombie Homes”. The legislation was approved unanimously by the Nassau County Legislature.
Once approved by the New York State Empire Development Corporation, state law permits nonprofit corporations to buy and maintain vacant, blighted, and usually unsightly properties and return them to useful life.
“Nassau County is plagued with abandoned homes, which can invite danger and reduce the surrounding home values,” said Presiding Officer Gonsalves. “Our new Land Bank will help expedite the process of getting these homes out of foreclosure and occupied by Nassau families.”
Creation of the Nassau Land Bank gives Nassau access to grant money from the NY State Attorney General's office to purchase properties abandoned by owners during a foreclosure process. Managed by a seven-member board, the Nassau Land Bank will eventually become self-sustaining by creating a cycle of using money from the sale of renovated homes to purchase more abandoned properties.
“As of May 2015, there were 1,956 zombie homes in Nassau County. I am very proud that we can actively reduce that statistic,” said Gonsalves.