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80 NEW YORK New York Takes Aim at Zombie Properties In order to fight the long-standing problem of vacant and abandoned homes, New York be- came the latest state to enact legislation to fight the adverse effect these properties, often called "zombie" properties, have on their surrounding communities. New York Governor Andrew Cuomo signed the bill into law that was passed as part of the 2016 Legislative Session and is considered to be a boon for the economic health and public safety of those communities in which these properties are located. It will also help those homeown- ers who are at risk of losing their homes due to foreclosure. "For many New Yorkers, homes are our single most important investment, but that investment can be undermined by the blight of neglected and abandoned properties," Cuomo said. "For each zombie home that we cure and for each that we prevent with this legislation, we are saving entire neighborhoods from the corro- sive effect of blight and neglect. I thank my col- leagues in the Assembly and Senate for seeing a crisis and helping to turn it into an opportunity for people to realize the great American Dream of homeownership." e bill includes the following provisions: » Enhancement of the effectiveness of Mandatory Settlement Conferences, which are part of a law established in 2010 to help families fight foreclosures. » Establishment of a Consumer Bill of Rights to prevent the homeowner from abandoning the property early when he/she learns the foreclosure process has begun. » Creation of a Community Restoration Fund (CRF), a tool to help the State of New York Mortgage Agency (SONYMA) to assist homeowners facing foreclosure by purchas- ing defaulted mortgages and offering favor- able modifications to help the homeowners remain in their homes. e CRF will also help expedite foreclosures and work with land banks, nonprofits, and community development financial institutions (CDFIs) to rehabilitate and resell vacant homes. » Require banks or mortgagees to main- tain the vacant and abandoned properties pre-foreclosure, as opposed to the previous requirement of maintaining the properties only after the foreclosure judgment. Banks face a penalty of up to $500 per day per prop- erty for failing to maintain these properties. » Expedite foreclosure for vacant and aban- doned properties by requiring the foreclosing party to move to auction within 90 days of obtaining a foreclosure judgment and require to the foreclosing party to ensure the property is reoccupied within 180 days of taking title. » Establishing an electronic registry of vacant and abandoned properties to promote com- munication between local governments and banks or mortgagees that are responsible for property maintenance. e New York legislation follows legisla- tion passed in Ohio in May to stop the spreading of blight due to vacant and abandoned proper- ties. Ohio enacted a "fast track" foreclosure bill into law in late May that will expedite the completion of a foreclosure and reduce the amount of time that a property remains vacant. e Ohio bill is widely considered to be a tem- plate for national legislation to curb the effects of vacant and abandoned properties. WASHINGTON D.C. NeighborWorks America Elects New Board Chairman NeighborWorks America elected Grovet- ta Gardineer as their Board Chairman. Gardineer is the successor to Comptroller of the Currency omas J. Curry, who had been the Chairman since March 2014. During his tenure, Curry led the corporation as it managed and invested stakeholder funds that resulted in more than $27 billion of investment over the past five years in communities across the United States by the NeighborWorks network. Before being elected as board chairman, Gardineer served as Vice Chairman of the board from December 2013 through March 2014 and chairman from June 2005 to April 2012. NeighborWorks America's board consists of the heads of the financial regulatory agen- cies and the U.S. Department of Housing and Urban Development or their statutorily designated representatives. "All of us at NeighborWorks are honored and excited to have Grovetta lead the board of directors and help guide the organization as it begins a new five-year strategic plan," said Paul Weech, NeighborWorks America President and CEO. "Her experience and commitment to community development and operational excellence will enhance the cor- poration's ability to meet its mission and help every community be a place of opportunity." In this role, Gardineer will provide stra- tegic leadership and oversight in support of NeighborWorks America's mission to create economic opportunities, further the ability of people to live in affordable homes, improve their lives, and strengthen communities. "It is a tremendous honor to chair an organization with such an important mis- sion of enabling quality and affordable rental housing and homeownership," Gardineer said. "rough education, access and em- powerment, NeighborWorks strengthens the foundations of communities and enriches individuals' lives throughout our nation." Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com New York Todd Yovino Broker/Owner Island Advantage Realty, LLC Metropolitan New York and Long Island's Default Specialist for Over 27 Years Todd@iarny.com | 631-820-3400 www.islandadvantage.com

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