Supervisor Joseph Saladino and the Oyster Bay Town Board, in its continuing commitment to protect the quality of life in local communities, recently updated Town Code to establish a registry of properties within local communities whose mortgages have gone into default. Adding an additional layer of protection to its existing provision for properties in foreclosure, this new initiative helps ensure that lending institutions and property owners remain responsible for maintenance required at the property.

Supervisor Saladino said, “This new quality of life initiative will help safeguard our neighborhoods from blighted properties. Thanks to the diligence of the Town’s Quality of Life Task Force and the Town’s Department of Planning & Development, we are continuing to fulfil our promise to protect and preserve our neighborhoods. Banks and lending institutions are now on the hook for upkeep of foreclosed homes and we’ll hold them financially accountable for neglect.”

The new code places additional obligations on banks and lending institutions in the event that a property is not being maintained. Once a loan on a house goes into default, the financial lender must notify the Town within 10 days and pay an annual $500 fee as long as the mortgage continues to be in default. Additionally, the lender must supply a property manager to the Town, with whom the Town may communicate in the event that the property does not get appropriately maintained.

Councilman Lou Imbroto, co-chair of the Quality of Life Task Force, said, “This new initiative adds an additional layer of protection in ensuring that vacant properties do not become eyesores in our communities. Over the past year, we have strengthened the law to address quality of life concerns caused by dilapidated and vacant homes in our neighborhoods. Furthermore, we are protecting our taxpayers by making sure those responsible for non-maintenance of properties are being held accountable.”