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NY zombie home registry.. title OF BILL: An act establishing the "New york state abandoned property neighborhood relief act of 2014"; and to amend the real property actions and proceedings law, in relation to the duty of the mortgagee or its loan servicing agent to maintain property.
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Municipalities have also reported better compliance from property owners following the passage of the New York State abandoned property neighborhood relief act in 2016. The law requires banks and.
In the wake of the State’s zombie properties law, the Town Board of the Town of Hempstead recently adopted Local Law No. 46-2016 – modeled after similar laws adopted in several upstate New York communities – that will ensure that banks and other lenders will fulfill their maintenance obligations under the new State law.
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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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The new legislation aims to reduce this timeframe by 240 days by providing "a process to have a property certified as vacant and abandoned, either by a municipal code officer or through judicial.
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Senate Independent Democratic Conference Leader Jeffrey Klein said: "Today is a victory for every community in New York State. From The Bronx to Buffalo, zombie properties impact every corner of our state resulting in blight and diminished property values for surrounding homeowners.
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.
