Land Bank partners with Habitat for Humanity and others to boost housing initiatives

The Syracuse City Land Bank held a budget hearing on April 24, 2025, focusing on its financial strategies and property management for the fiscal years 2025-2026. The meeting highlighted the Land Bank's efforts to expand its portfolio of shovel-ready sites, which has positioned it as a leader in securing grant funding compared to other land banks across New York State.

During the discussions, officials emphasized that the Land Bank currently has properties under contract with various organizations, including LaLiga, Jubilee Homes, Home Headquarters, Habitat for Humanity, and Shetty's Southside Growth Initiative. These partnerships are aimed at addressing housing needs in the community. The Land Bank's strategy involves holding properties until funding opportunities arise, allowing them to act quickly when grants become available.

A key point raised was the process of property conveyance. The Land Bank explained that contracts with developers are contingent upon their ability to secure financing. For instance, Habitat for Humanity has recently been awarded a contract for ten properties, which will only be transferred once they receive state grant funding. If the funding application is denied, the properties will be made available for other developers.

The meeting also addressed financial aspects, including interest income from properties sold under mortgage agreements. Officials clarified that revenue generated from property sales contributes to the Land Bank's operating budget, which costs approximately $2 million annually to maintain. About half of this budget is covered by sales revenue, while the remainder is sourced from city and county support.

Concerns were raised regarding the timeline for property sales and the implications for tax revenue. It was noted that while properties are held by the Land Bank, they remain tax-exempt. However, once sold, they return to the tax rolls, generating revenue for the city. The Land Bank aims to operate efficiently, leveraging tax exemptions to minimize operational costs.

In conclusion, the budget hearing underscored the Land Bank's proactive approach to property management and community development, with a focus on securing funding and facilitating housing projects. The discussions revealed a commitment to transparency and collaboration with local organizations to enhance housing opportunities in Syracuse.