OSWEGO COUNTY – The Oswego County Land Bank recently reached $5 million in property sales since its establishment in 2016, marking a significant milestone in the organization’s efforts to revitalize local communities and neighborhoods.
More than 100 properties have been impacted by the efforts of the Oswego County Land Bank since its inception, including more than 75 direct property sales that resulted in $5,326,629 in sales value returned to municipal tax rolls. Most of the Land Bank’s 78 property sales resulted from rehabilitating vacant, abandoned and blighted properties.
The Land Bank has acquired and sold tax-foreclosed, vacant or abandoned property in every corner of Oswego County, with sales recorded in 25 cities, towns and villages. Sold properties range from single- and multi-family residential buildings to commercial buildings and vacant lots. Most rehabilitated properties sold by the Land Bank have been purchased by owner-occupied, first-time homebuyers.
“The Oswego County Land Bank and our partners have made measurable and far-reaching progress in improving neighborhoods and communities, returning dozens of properties to productive use and reversing the damage caused by blighted and abandoned properties,” said Kim Park, executive director of the Oswego County Land Bank. “Thank you to all the public and private partners, past and present board members, contractors and businesses, buyers and community members that have played a role in our success.”
The Land Bank’s first sale came in September 2017, with the most recent in late July, and property sales have ranged from as little as $1,001 to as much as $240,000. Since its start, the Land Bank has spent more than $4.5 million on property rehabilitations and leveraged millions of dollars in grant funding.
“Reaching the $5 million mark is a major milestone for the Oswego County Land Bank,” said Shane Broadwell, who serves as board president and played a pivotal role in the organization’s founding. “Continued investment in our communities through the Land Bank helps end deterioration in our neighborhoods and benefits all property owners. I appreciate all the support from community stakeholders and look forward to future success.”
Direct investment by the Land Bank totals close to $1 million annually, mainly through local labor and supplies. In addition to direct investment, properties rehabilitated by the Land Bank last year increased in value by 121% on average from the time of acquisition to the time of sale, boosting taxable values for local municipalities.
In addition to property rehabilitations, the Land Bank has demolished and assisted in demolishing more than 30 of Oswego County’s worst structures, which presented a safety risk and nuisance to the surrounding neighborhoods. The Land Bank can undertake costly demolitions and rehabilitations that are often out of reach for private investors and local municipalities.
In 2022, the Land Bank totaled more than $1.5 million in property sales, including 12 rehabilitated properties and two lots from demolished structures. The Land Bank is on track for similar success in 2023, with more than $600,000 in property sales through the end of July.
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
Photo Caption:
The Oswego County Land Bank recently reached $5 million in property sales. The Land Bank impacts dozens of properties each year, rehabilitating vacant, abandoned and blighted homes and returning them to productive use. The Land Bank exceeded the $5 million mark with the sale of the property at 2327 St. Rt. 48 in the town of Minetto.
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