On June 23, Governor Andrew M. Cuomo signed legislation to prevent foreclosures and curb the threat posed to communities by “zombie properties.”
The legislation includes measures to assist homeowners facing mortgage foreclosure, improve the efficiency and integrity of the mandatory settlement conferences, establish a pre-foreclosure duty to maintain on mortgagees, create an expedited foreclosure process for vacant and abandoned properties, create an electronic vacant property registry, and establish a Consumer Bill of Rights.
Governor Cuomo also announced a consumer hotline that will accept reports of zombie properties. As part of the effort to eliminate the epidemic of abandoned homes in New York State, the Department of Financial Services (DFS) will maintain an electronic registry of vacant and abandoned properties. New Yorkers are encouraged to call (800) 342-3736 to report unoccupied and ill-maintained properties in their community.
Neighborhood Revitalization Program
In addition, Homes and Community Renewal’s Neighborhood Revitalization Program (NRP) will help subsidize and finance the purchase and renovation of up to 500 foreclosed and abandoned properties for low- and middle-income New Yorkers.
HCR Commissioner Jamie Rubin announced the launch of NRP in Middletown, NY on June 6th, saying, "Through NRP, we are working closely with nonprofits and municipalities to provide renovation and mortgage financing for qualified prospective homebuyers who will help restore these homes and make them their own. Thanks to Governor Cuomo, we are rebuilding communities and putting a stop to encroaching blight.”