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New York providing grants to boost zombie property law compliance

Back in 2016, the state of New york enacted “sweeping” new laws aimed. ” zombie 2.0″ initiative will give cities more money to fight blight. James' office said the new funds will be used to “increase housing code enforcement, track. ” These abandoned houses significantly decrease property values and.

I Flew To MrBeastNew York State is making another $9 million in grant funding available. properties in the foreclosure process, otherwise known as zombie homes.. following a previous round of grant funding and a 2016 change to state law.. in 2016 to improve data collection, hire additional code enforcement staff and.

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On June 23, Gov. Andrew Cuomo signed into law legislation passed just days earlier that, among other things, is designed to tackle New York state’s "zombie property" problem. The term "zombie property" refers to a residential property abandoned by a homeowner after the initiation of a foreclosure action but prior to the completion of such action.

The New York State Department of Financial Services ("DFS") has finalized a new Part 422 to its regulations ("Final Regulation") that requires banks and mortgage servicers to report and maintain vacant and abandoned properties, commonly referred to as "zombie properties." The Final Regulation expands upon legislation signed into law earlier this year.

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New Zombie Home Foreclosure Law In New York On June 23, 2016, Governor Andrew Cumo signed a ground breaking bill into law requiring banks to take responsibility for "zombie" properties. The law is an amendment to Section 1307 of the Real Property Actions and Proceedings Law.

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.

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It varies by real estate market. Vacant "Zombie" Foreclosures Decrease 30 Percent in Second Quarter 2016 Compared to a Year Ago May 17, 2016 A few facts from the article: Markets with the most zombie foreclosures States with Continue ReadingIn New York, Condos are ‘Zombies,’ too