Chemung County land bank outlines use of $1.5 million LBI capital grant for demolitions, rehabs and new construction

Danielle Kenny, administrator for the Chemung County Property Development Corporation (the county land bank), told a Chemung County committee that the land bank will use a recent $1,500,000 Land Bank Initiative (LBI) capital award, together with other state grants and disposition revenue, to demolish unsafe structures, rehabilitate properties for resale and build new housing.

Kenny said the land bank has acquired or accepted just over $4,000,000 since February 2016. She told the committee that Land Bank Initiative funds awarded since February 2022 total $2,170,564, and that LBI funding arrived in phases: a phase for administrative fees (about $100,000 spread over three years), a February 2023 award of $370,564 and a most recent LBI capital fund award of $1,500,000. "These funds are extremely flexible and allow us to be able to put some money into our cash reserves," Kenny said.

Kenny described eligible costs that LBI and related funding have been used for: acquisition (she said these commonly range from about $0 to $50,000), predevelopment (environmental reviews, cleanouts and maintenance), rehabilitation (she cited typical rehabilitation cost averages of $60,000 to $160,000), demolition (she cited a typical range of $20,000 to $60,000 and in discussion described an average demolition…