New program could fund Schenectady land bank
ALBANY — New York Attorney General Eric Schneiderman says $20 million taken from banks involved in the collapse of the housing market will be used to rebuild communities statewide.
The money is New York's share of a settlement with the nation's largest banks called the National Mortgage Settlement.
Schneiderman will invite competitive proposals from eight banks to combat fallout from the foreclosure crisis that drove people out of their homes when they could no longer afford adjustable payments that skyrocketed.
The attorney general can provide the program funding to so-called land banks located in Schenectady, Onondaga, Erie, Niagara, Suffolk, Broome, Monroe and Chautauqua (shuh-TAH'-kwah) counties.
Schneiderman has scheduled an announcement for Wednesday.
New York received more than $130 million from the national settlement last year.