§ 1610. Financing of land bank operations.

(a) A land bank may receive funding through grants and loans from the
foreclosing governmental unit or units which created the land bank, from
other municipalities, from the state of New York, from the federal
government, and from other public and private sources.

(b) A land bank may receive and retain payments for services rendered,
for rents and leasehold payments received, for consideration for
disposition of real and personal property, for proceeds of insurance
coverage for losses incurred, for income from investments, and for any
other asset and activity lawfully permitted to a land bank under this
article.

(c) Upon the adoption of a local law, ordinance, or resolution by
municipality, school district or any taxing district, fifty percent of
the real property taxes collected on any specific parcel of real
property identified by such municipality, school district or any taxing
jurisdiction may be remitted to the land bank, in accordance with
procedures established by regulations promulgated by the department of
taxation and finance. Such allocation of real property tax revenues
shall commence with the first taxable year following the date of
conveyance and shall continue for a period of five years.