OSWEGO COUNTY — The Oswego County Land Bank has secured a $2 million state grant to rehabilitate more than a dozen vacant and dilapidated properties throughout the county and return them to private ownership.
The $2 million grant was awarded to the Land Bank through the Housing Trust Fund Corporation and Office of Homes and Community Renewal as part of the state’s Land Bank Initiative capital funding. The Land Bank has identified 10 properties in the city of Oswego – including nine complete rehabilitations and one demolition – that will be improved with the funding in the coming year. Plans are underway to identify several more rehabilitation and demolition projects throughout Oswego County.
“This funding is a welcome development for the Land Bank and will allow us to continue rehabilitating vacant and abandoned properties and turning them into quality, affordable housing,” said Kim Park, Executive Director of the Oswego County Land Bank. “We are thankful to the state, the office of Homes and Community Renewal and all our partners. We look forward to continuing our neighborhood revitalization efforts and serving the people of Oswego County.”
The Land Bank Initiative (LBI) grants were awarded on a competitive basis and provide funds for a wide range of activities that will help the Land Bank complete property rehabilitations and prepare homes for sale. The Land Bank previously was awarded $1.6 million through the LBI, but those funds were restricted and could only be used for building stabilization, demolition and other pre-development activities.
“We’re excited to continue improving our communities by finishing the rehabilitation of many Land Bank properties that were previously stabilized,” Park said. “These properties are often among the most challenging and extensive renovations that do not appeal to homebuyers and private developers.”
Over the past two years, the Land Bank has secured nearly $4 million to ensure the organization’s long-term financial health and further its mission of improving Oswego County communities. Since its inception in 2016, the Land Bank has improved more than 80 properties and returned more than $5.7 million in property sales to Oswego County tax rolls. These properties are often abandoned and in severe disrepair, negatively impacting the surrounding neighborhoods and generating no property tax revenue.
“These are properties that were previously generating no taxable income or community value,” said Land Bank President Shane Broadwell. “Each time the Land Bank improves property and returns it to the tax rolls, we are increasing its property value, helping to further distribute the property tax burden for all the county’s residents. From the start, the Land Bank’s focus has been to strategically target blighted properties, transforming the worst properties in quality neighborhoods for maximum impact.”
The LBI funding is to be used over 18 months in 2025 and 2026, but the Land Bank expects to complete all deliverables ahead of that timeline.
About the Oswego County Land Bank
The Oswego County Land Bank is a state-designated public authority aimed at transforming blighted or vacant properties into appealing residential and productive commercial properties, improving the quality of life in local communities and revitalizing neighborhoods. Formed in 2016, the nonprofit corporation is governed by an 11-member board.
To learn more about the Oswego County Land Bank visit: www.oswegocountylandbank.com
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