New York providing grants to boost zombie property law compliance

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New york attorney general Eric T. Schneiderman said, "This hotline will help localities address the scourge of abandoned homes, which drag down property values and create unsafe conditions across New York State. The hotline provides added teeth to the recently passed zombie home legislation, facilitating compliance and a path out of the crisis that has persisted years after the housing crash hit.

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New regulation will hold lenders and mortgage servicers "accountable". In July, New York Attorney General Eric Schneiderman announced a new program that will help New York’s city governments track and address zombie homes in their respective cities. According to Schneiderman’s office, the Zombie Remediation and Prevention Initiative will provide $13 million in grants to local governments to fight zombie homes.

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NY Zombie Home Registry.. TITLE OF BILL: An act establishing the "New York state abandoned property neighborhood relief act of 2014"; and to amend the real property actions and proceedings law, in relation to the duty of the mortgagee or its loan servicing agent to maintain property.

On June 23, Gov. Andrew Cuomo signed into law legislation passed just days earlier that, among other things, is designed to tackle New York state’s "zombie property" problem. The term "zombie property" refers to a residential property abandoned by a homeowner after the initiation of a foreclosure action but prior to the completion of such action.

State issues first zombie house fine. The New York Department of Financial Services said the mortgage firm failed its obligations with the vacant and abandoned New Lebanon property for at least.

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The grant of $9 million is an extension to the 2016 Zombie Remediation and Prevention Initiative created by the Office of the New York Attorney General, the release stated.