NY A07529

Amends the not-for-profit corporation law to authorize land banks to organize subsidiaries for projects when doing so limits liability or when state or federal law requires a specific corporate structure.

Requires subsidiary real property to be maintained on land bank inventory lists and mandates subsidiaries make all reports and disclosures required of land banks under the article.

Allows subsidiaries to be established as New York charitable not-for-profit corporations or single-member limited liability companies, but prohibits them from issuing bonds or notes except to the parent land bank.

Grants land banks the power to hold real property in their own name or in the name of a lawfully organized subsidiary.

Exempts subsidiary real property, income, and operations from all state and local taxation in New York.