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AG unveils $4 million program to create rental housing

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State officials say an effort to address a rash of abandoned, vacant homes across New York has successfully rehabilitated 1,600 properties. The homes were repaired by local community agencies known as "land banks."

They have used money from Attorney General Eric Schneiderman's settlements with financial institutions to restore properties that were abandoned during the financial meltdown and foreclosure crisis.

Schneiderman is now announcing another $4 million in funding to help turn some abandoned properties into affordable rental housing.

"This is something we have not done before. We have dealt with homeownership and commercial issues," Schneiderman said.  "We're now moving into the area of rental properties. This is an exciting project."

Schneiderman is calling this new program "Neighbors for Neighborhoods." He says it will help communities reclaim so-called "zombie homes" and generate the affordable housing stock that families need.