SPEND A LITTLE GET A LOT 2.0!

PROGRAM OVERVIEW:

The Albany County Land Bank is a nonprofit organization committed to stabilizing neighborhoods and strengthening communities across Albany County through the acquisition, improvement and responsible disposition of tax-foreclosed, vacant and abandoned properties. The Land Bank’s Spend a Little, Get a LOT! program is designed to create more opportunities for responsible neighborhood residents to own a lot on their block.

Through September 28, 2018, select vacant lots owned by the Land Bank will be sold for $100 plus up to 50% off closing costs!

HOW TO SUBMIT AN APPLICATION: Applications will be accepted on a rolling basis through Friday, September 28, 2018 at 5p and reviewed at the upcoming Board Of Directors Meeting. Incomplete applications or those submitted after the deadline will not be reviewed.

  • August Board Review: Applications are due by August 7, 2018 at 5p
  • September Board Review: Applications are due by September 4, 2018 at 5p
  • October Board Review: Applications are due by September 28, 2018 at 5p

How to Determine Eligibility

You are eligible to purchase a lot through Spend a Little, Get a LOT! if you:

  • Own property on the block face where the participating lot is located
  • Own a property adjacent to the participating lot
  • Lease (rent) property which as serves as their primary residence for a duration of five (5) or more years adjacent to or on the block face where the participating lot is located

Buyers must be current on all taxes, water and/or sewer bills, and have no outstanding code violations or unresolved foreclosures.

Examples of eligibility are shown on the chart to the right.

EXAMPLES OF ELIGIBILITY

Participating Properties

ASSOCIATED FEES/ESTIMATED EXPECTED CLOSING COSTS

Participating lots are available for a purchase price of $100 plus significantly reduced closing costs. Buyers are responsible for all associated closing costs which, at a minimum, should be expected to range between $700 and $800 in addition to the property purchase price. Actual final costs may vary.

Frequently Asked Questions

Applications will be reviewed and selected based on criteria that includes, but may not be limited to: the geographic proximity of applicant’s property/rental unit to the participating lot, proposed use, and/or rental tenure if applicable. The Land Bank, at its sole discretion, may select any or none of the property purchase applications it receives.

When you purchase a tax-foreclosed property through the Albany County Land Bank, school and property taxes levied prior to January 1, 2014 are extinguished. Upon taking ownership of the property, you will be responsible for all associated property and maintenance costs, including, but not limited to property and school taxes.

Participating lots are available for a purchase price of $100 plus significantly reduced closing costs. Buyers are responsible for all associated closing costs which, at a minimum, should be expected to range between $700 and $800 in addition to the property purchase price. Actual final costs may vary.

Applications for the Spend a Little, Get a LOT! program will be accepted on a rolling basis through Friday, September 28, 2018 at 5p and reviewed by our Board of Directors at the upcoming Board Meeting. Incomplete applications or those submitted after the deadline will not be reviewed.

  • August Board Review: Applications are due by August 7, 2018 at 5p
  • September Board Review: Applications are due by September 4, 2018 at 5p
  • October Board Review: Applications are due by September 28, 2018 at 5p

Applicants that are awarded the property will be notified after the board meeting for information on closing.

We ask for your proposed use of the lot so our Board of Directors can make the most informed decision when deciding which applicant will be approved to purchase the lot. It’s important that you check all applicable laws, ordinances, and regulations prior to applying to purchase a lot to ensure that your intended use is allowable.

Call or visit our office and we can answer any questions about the application and process. We are located at 69 State Street, 8th Floor, Albany, NY 12207 and can be reached at (518) 407-0309.

You are eligible to purchase a lot through the Spend a Little, Get a LOT! program if you are a property owner or renter of 5+ years on the same block face as the vacant lot for sale. You must also be current on all property taxes, water/sewer bills, and not have any outstanding code violations or unresolved foreclosures.

If you are a property owner on the same block face as the participating lot, you must provide a copy of your deed. If you are a renter, you must provide at least 5 years of lease agreements and/or 5 years of utility bills reflecting residence at an address located on the same block face as the participating lot.

Applications will be accepted on a rolling basis through Friday, September 28, 2018 at 5p and reviewed by our Board of Directors at the upcoming Board Meeting. Incomplete applications or those submitted after the deadline will not be reviewed.

  • August Board Review: Applications are due by August 7, 2018 at 5p
  • September Board Review: Applications are due by September 4, 2018 at 5p
  • October Board Review: Applications are due by September 28, 2018 at 5p

TERMS AND CONDITIONS:

  1. I understand that back taxes, outstanding code violations or unresolved foreclosures would mean that my application or purchase cannot proceed until such time as those issues are resolved.
  2. All information provided in the application are complete, accurate and current.
  3. I will maintain the property in accordance with all land use, zoning and property maintenance laws and ordinances
  4. I will pay all costs and fees associated with the property, the closing of this transaction and any future related transactional costs, including any and all delinquent taxes and outstanding water assessments, if applicable
  5. I understand the aforementioned fees, taxes, and other costs of closing are good faith estimates and are subject to change at closing
  6. I agree that the Albany County Land Bank may decline my offer to acquire this property for any All sales are subject to approval by the Albany County Land Bank Corporation’s Board of Directors.
  7. I agree that if my offer is accepted and I have been provided with a Contract for Sale, I will have three business days to execute the If I do not execute the contract within three business days, the Land Bank reserves the right to cancel the transaction and sell the property to the second buyer. Buyer will have an additional three days from the signing of the sales contract to review it with an attorney and to seek attorney approval. If I do not notify the Land Bank that I do not have an attorney, or that my attorney does not approve the contract within that three business days, I waive that contract contingency and the contract will be deemed approved.
  8. I agree to authorize Albany County Land Bank Corporation to conduct a background check and have attached the completed authorization form.
  9. I understand that for a period of five (5) years commencing on the date of the sale, I will remain in title to the property and maintain the property. The Land Bank will have a right of reverter if I fail to comply with these terms.
  10. I understand that all Land Bank properties are sold in “as is” condition and no warranties are made regarding property The applicant assumes all responsibility to investigate, and if necessary repair the physical condition of the properties or of any structures or improvements located on any of the properties.
  11. I understand that under the terms of sale, I will have 30 days to ensure the property meets all municipal codes, rules, and regulations or the Land Bank may reclaim the property.
  12. I understand that the closing costs as disclosed to me are contingent upon no title search being performed and immediate closing once the application is approved. If a title search/insurance is requested, it is at the sole expense of the buyer and additional attorneys’ fees may apply.

ADDITIONAL TERMS AND CONDITIONS INCLUDE, BUT MAY NOT BE LIMITED TO:

  1. To be eligible, buyers must be property owners or renters for 5+ years on the same block as the participating lot. Satisfactory proof of ownership/residency status is required.
  2. Buyers must be current on all property taxes, water and sewer bills, and not have any outstanding code violations or unresolved foreclosures.
  3. All lots are sold “as-is” and all uses must comply with City of Albany rules, regulations, and ordinances. The Land Bank does not make any representations or warranties regarding condition of properties and/or permissible uses.
  4. Only select properties are eligible for this promotion. The Land Bank may modify the property list at its sole discretion at any point during the promotion.
  5. Eligible lots are available for a purchase of $100 plus significantly reduced closing costs. Buyers are responsible for all associated closing costs, which, at a minimum, should be expected to range between $700 and $800 in addition to the property purchase price.
  6. Under the terms of sale, buyers will have 30 days to ensure the property meets all City of Albany codes or the Land Bank may reclaim the property.