Attorney General Eric Schneiderman awarded Rochester $2.8 million in grant funding for landbanks. It's part of the Land Bank Community Revitalization Initiative.
Schneiderman highlighted a 2011 study in Rochester that found parcels within 100 feet of a vacant property saw their property values reduced by $10,000. He said they are now asking banks for help fix the housing crisis.
"We hope this money which together with other funds that they raised will enable them to hire more full time staff to acquire, rehabilitate and resell distressed properties and redeposit the money in to the landbanks," said Schneiderman.
Schneiderman says the goal is to ensure that all renovated homes have a green building component as well.