OSWEGO — The Oswego County Land Bank returned 11 vacant, blighted or abandoned parcels to the property tax rolls in 2021 and continues the vital work of improving neighborhoods and providing quality, affordable housing to Oswego County communities.
The Oswego County Land Bank Corp. unveiled its 2021 annual report in a presentation to county lawmakers this month, highlighting another successful year in the organization’s mission to transform problematic parcels into appealing and productive property.
Since its inception in 2016, the Land Bank has directly impacted more than 60 properties and returned roughly $3 million worth of property back
to municipal tax rolls, revitalizing neighborhoods and improving the quality of life in communities throughout Oswego County.
The Oswego County Land Bank Corp. sold 11 properties in 2021 that were previously not generating any tax revenue for local taxing jurisdictions, increasing the burden on other property owners.
Land Bank repairs and renovations turned the dilapidated properties into move-in ready homes for local families and generated $918,375 in property sales, putting the parcels back on the tax rolls of the county, school
districts and eight municipalities.
“The Oswego County Land Bank is pleased with its accomplishments in 2021 and we look forward to continuing our work to revitalize neighborhoods and put families in quality, safe homes while returning property to the tax rolls,” Executive Director Kim Park said. “Not only were we able to return more than
$900,000 in property sales back to the tax rolls, but the Land Bank also injected over $920,000 into the Oswego County economy by purchasing local supplies and using local labor.”
The Land Bank also leveraged $470,000 in private funding in 2021 through requests for proposals and contracts with private developers to renovate property.
One of the highlights of 2021 was the renovation of four properties in the city of Fulton that had a tremendous impact on the surrounding neighborhood. A vacant Oneida Street home was renovated and sold to a family purchasing its first home, and the renovation created a domino effect that led to
multiple neighbors making repairs to their homes. The Land Bank later acquired and rehabbed three other nearby parcels, increasing the assessed values by an average of 7o percent and selling the properties to
first-time homebuyers.
“This was a perfect example of what the Land Bank is capable of,” Park said. “These dilapidated homes were in disrepair and lowering the value of nearby homes. Through the Land Bank, we were able to provide homes for four families and increase the city of Fulton’s property tax base.”
From the beginning, the Land Bank’s focus has been to strategically target blighted, unproductive properties in quality neighborhoods to ensure the greatest impact with limited funding.
“Our goal has been to take the worst property on a block with otherwise decent stock and seek the best option, whether it be demolition, rehab or stabilization,” said President Shane Broadwell. “When you’re taking the worst, cancerous cell and completely reversing it in the other direction, there’s an immense
impact on nearby property values and quality of life in the surrounding neighborhood.”
The Oswego County Land Bank has acquired properties through county, city and bank foreclosures and other means, and strives to find the best possible outcome for the community with each parcel. The organization’s main objectives are to improve communities by returning property to the tax rolls,
increasing property values and providing affordable housing to first-time homebuyers.
“With each property returned to the tax rolls and each increase in assessed value, we are helping to further distribute the property tax burden,” Park said, noting on average the Land Bank increased assessed values of properties by more than 78 percent from the time of acquisition to the time of sale in 2021.
In 2020 and 2021, the Land Bank added $50,000 on average to the assessed value of each property from the time of acquisition to the time of sale, totaling nearly $750,000 in additional taxable value for municipalities.
At the end of December 2021, the Land Bank owned 21 properties totaling $1,228,563 in assessed value, and renovations on approximately three-quarters of those properties are complete or nearing completion.
The Land Bank is currently focused on increasing its inventory while wrapping up several inthe-works rehabs and demolitions.
“We’re excited to complete all the projects we have in the works right now and embarking on new projects in the second half of 2022,” Park said. “We look forward to finishing a strong 2022 and working with our partners to leverage public and private dollars to achieve great outcomes.”
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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