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By Tarik Abdelazim , Director, National Technical Assistance, Center for Community Progress Before I came to Community Progress, I spent eight years in public service in my hometown, Binghamton, New York. Then, I heard that New York was exploring legislation to allow municipalities and counties to create land banks. I wondered.
2 The report came about at a time when the FHLBs have been increasingly criticized for neglecting their housing and communitydevelopment mission and instead using their subsidies and privileges to benefit their financial institution owners and executives. the legislation establishing them). mortgage originations.
A land bank is a public entity with unique governmental powers that is solely focused on getting problem properties back to productive use according to local community goals. Secured annual funding from all members, using a formula based on the amount of delinquent taxes received by each member.
In recent years, the System has been subject to growing criticism that it has been inadequately supporting the housing and communitydevelopment mission given to it by Congress. 6 This was totally inconsistent with the original design. 6 This was totally inconsistent with the original design. This works as follows.
The issue is addressed in two notices published by HUD on June 20, 2019, related to duplication of benefits for CommunityDevelopment Block Grants – Disaster Recovery ( CDBG-DR ): 84 FR 28836 (June 2019 Duplication of Benefits Notice, referred to herein as the “ DOB Notice ”) and 84 FR 28848 (June 2019 Duplication of Benefits Implementation Notice).
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