Equitable Ownership Pilot Program

The goal of the Equitable Ownership Pilot Program (EOPP) is to use the Albany County Land Bank’s real estate and pair residents with available resources to create more affordable home ownership opportunities for individuals and families residing in or relocating to Albany County’s economically distressed neighborhoods and are seeking to purchase their first home.

In addition to the Albany County Land Bank’s standard application requirements, EOPP applicants must also meet the following criteria:

  • Be a first time homebuyer (HUD defines first time homebuyer as an individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase (closing date) of the property).
  • Have a household income equal to, or approximately at 50% to 70% of the area median income for Albany County (see chart below)
  • Currently reside in or relocate to EOPP Program Area (preference will be given to applicants that already reside within Program Area)
  • Purchase a EOPP participating property (see Property Qualifications)
  • Applicant will be required to complete First time homebuyer and landlord training (if applicable)
Household Size 50% of AMI 70% of AMI
1 $30,250 $42,300
2 $34,600 $48,400
3 $38,900 $54,400
4 $43,200 $60,500
  • HUD approved First time Homebuyer course
  • Landlord Training (if applicable)
  • ACLB Housing Counseling: Homeowner 101

Participating properties will be selected by the ACLB and include the following attributes:

  • 1-2 Family Residence (in the event of a two family homes, the applicant  must occupy as an owner occupant)
  • Properties that require a low to moderate amount of rehabilitation
  • Located in Program Area (ACLB Focus Neighborhoods: South End, West Hill, West End, Sheridan Hollow and Arbor Hill; City of Cohoes and City of Watervliet

612 Livingston Avenue, Albany NY 12206

50 Emmet Street, Albany NY 12204

157 S. Hawk Street, Albany NY 12202

633 Clinton Avenue, Albany NY 12206

175 Broad Street, Albany NY 12202

Qualified applicants purchasing participating properties located within the EOPP Program Area will receive:

  • A 15% discount off list price or, a seller’s concession of an equal value to support the rehabilitation of the property
  • Reduced closing costs
  • Qualified buyers will also be paired with available resources and be paired with a specialist who will provide guidance and mentorship while rehabilitating the property



Albany Community Development Agency

  • Home Acquisition Program
  • Homeowner Assistance Program

NYS Parks, Recreation & Historic Preservation

  • New York State Historic Homeownership Rehabilitation Tax Credit

State of New York Mortgage Agency

  • RemodelNY: provides competitive interest rate financing to qualified first time homebuyers for the purchase and renovation of homes in need of improvements or repairs. Under RemodelNY, SONYMA will finance both the purchase and the renovation of the home with one mortgage.


In support of the program the Albany County Land Bank may assist with or reduce one or more of the following costs associated with purchase of the property:

  • Reduced legal fees
  • Title insurance costs
  • Reduced closing costs
  • Water fees
  • Delinquent taxes

Program participants will have access to lists of local contractors, including:

  • Historic Albany Resource List
  • Albany Community Development Agency List


Downloadable Links

Program Properties