What is a “zombie home?”
Basically, any home that is under foreclosure that is also vacant and virtually abandoned. A prime target for squatters. After the U.S. real estate implosion back in 2008 a fair number of zombie homes are showing up. They can cause a lot of problems with crime and pollution if something isn’t eventually done with them.
Rochester is getting over a quarter million dollars to handle the problem. The exact number is $350K according to state Attorney General Eric Schneiderman.
Rochester is in line to get a $350,000 grant to help the city deal with so-called zombie homes, state Attorney General Eric Schneiderman said Tuesday.
The money is a result of the “Zombie Remediation and Prevention Initiative” , overseen by Schneiderman’s office. Just where is the money coming from though? From New York’s $550 million share of a $3.2 billion national settlement with Morgan Stanley reached earlier this year.
As co-leader of a joint federal and state committee formed by the Barack Obama administration to wring payments from institutions whose lending practices fueled the real estate bubble that burst in 2008, Schneiderman helped negotiate the settlement.
Here’s what Rochester Mayor Lovely Warren had to say:
“In Rochester we are working every day to bring more jobs, safer more vibrant neighborhoods and better educational opportunities to all of our city’s residents. Zombie properties are an impediment to these goals. Attorney General Eric Schneiderman continues to bring needed assistance…so we can meet the challenge of these derelict properties head-on.”
A promising step in Rochester’s challenge of rebuilding an economy that has been decimated from bad business deals and a national economic crisis.