The State Legislature, which already makes life tough for municipalities throughout the state, should approve a plan allowing Buffalo to keep excess dollars from real estate foreclosure auctions. The Assembly has passed the plan, which is now under consideration in the State Senate.
Under the bill, Buffalo would be able to keep auction proceeds exceeding liens on properties sold at auction. That would have been an additional $1 million from this year's auction. That won't solve Buffalo's fiscal problems, but this is a city that is scraping around for every spare penny. As it stands, the city has to send any excess money to the county, and if it is not claimed by the property owner or mortgage company, the money is then transferred to the state in five years.
State lawmakers from this area are supporting the bill. Let's hope they can convince Senate Majority Leader Joseph Bruno of its merit.