A brand new home is on the market in the City of Elmira following a transformative project by the Chemung County Land Bank.
The Land Bank initially acquired the 450 Underwood Ave. property intending to rehab a vacant, blighted, unsafe structure. A significant amount of structural damage was discovered during the pre-development phase, however, and the existing home needed demolition due to safety concerns, according to the Land Bank.
The organization then embarked on a new construction project, building a single-story, three-bedroom, 1.5-bathroom, energy-efficient home at the site. The project cost a total of $361,155, with $353,905 coming from New York State Homes and Community Renewal’s Land Bank Initiative.
The Land Bank unveiled the home Tuesday, June 16 with a ribbon cutting and open house. The home is listed at full market value for $269,900 on the open market with no restrictions, the Land Bank said in a community announcement.
“The work being done by the Chemung County Land Bank complements what HCR, under the leadership of Governor Hochul, seeks to do each day – provide essential affordable housing while revitalizing communities,” New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said.
“Thanks to more than $350,000 in support from the Land Bank Initiative, a blighted structure in the West Elmira neighborhood has been removed and a family or individual will now have a safe, stable place to call home. Thank you to the Chemung County Land Bank, as well as the State’s 31 other Land Banks, for continuing to change New Yorkers’ lives one home at a time.”
The Chemung County Land Bank said the project reflects its mission to acquire and return vacant, abandoned, and/or tax delinquent properties within the City of Elmira and Chemung County to uses that support community revitalization, sustained economic development, and improvement of the financial condition of the city and county.
More than $160 million has been awarded to Land Banks statewide through the Land Bank Initiative, which has resulted in 300 being created or preserved, as well as almost 200 blighted structures being demolished.
The Final FY27 State Budget provided $50 million in new funding and increased the number of Land Banks that can be authorized in New York state from 35 to 45.
What is the Chemung County Land Bank?
The Chemung County Land Bank is a not-for-profit organization that has acquired over 40 properties, including 23 properties for substantial rehabilitation, 16 demolitions, and two new construction single-family homes have recently been completed. The Land Bank was also just awarded funding to administer a moderate-income owner occupied repair program that will be available in the upcoming months.
For more information about the Chemung County Land Bank or available properties, visitwww.chemunglandbank.com
This article originally appeared on Elmira Star-Gazette: Chemung County Land Bank unveils new home on Elmira’s Underwood Avenue
Reporting by Chris Potter, Elmira Star-Gazette / Elmira Star-Gazette
USA TODAY Network via Reuters Connect
By Chris Potter, Elmira Star-Gazette | USA TODAY Network
