Price: $140,000
Use: Rentals
Units: 2
Bedrooms: Upstairs Unit—3; Downstairs Unit—1
Bathrooms: Upstairs Unit—1.5; Downstairs Unit—1
Approx. Square Footage: Upstairs Unit—1260 SF; Downstairs Unit—657 SF

Price: $140,000
Use: Rentals or owner-occupied
Units: 2
Bedrooms: Downstairs Unit—1; Upstairs Unit—3
Bathrooms: Downstairs Unit—1; Upstairs Unit—1.5
Approx. Square Footage: Upstairs Unit—1352 SF; Downstairs Unit—520 SF

Price: $160,000
Use: Rentals or owner-occupied
Units: 2
Bedrooms: Downstairs Unit—2; Upstairs Unit—4
Bathrooms: Downstairs Unit—2; Upstairs Unit—3
Approx. Square Footage: Downstairs Unit—1000 SF; Upstairs Unit—2148 SF

ACLB will be completing one additional rehab of a 2-family residential property in the South End. Check back for more details.

Neighbors for Neighborhoods

Creating local ownership of quality, affordable rental housing

Neighbors for Neighborhoods is a grant-funded program that enables the transformation of vacant and deteriorated properties into quality, affordable rental housing and creates local ownership to help stabilize and revitalize neighborhoods that were severely affected by the foreclosure crisis.  

The Neighbors for Neighborhoods pilot program was created by the Office of the New York State Attorney General and Enterprise Community Partners, a nonprofit organization that works with a variety of partners to create opportunities for low- and moderate-income people through affordable housing in diverse, thriving communities. The program is funded by consumer relief settlements obtained from large financial institutions for misconduct leading up to the 2008 housing market crash and is being administered by Enterprise.

Neighbors for Neighborhoods builds on the success of New York State’s non-profit land banks which have reclaimed thousands of properties across the state. The Albany County Land Bank was one of several New York State land banks competitively selected to participate in the pilot program.

 

HOW DOES NEIGHBORS FOR NEIGHBORHOODS WORK?  

The Albany County Land Bank will sell up to four (4) fully rehabilitated two-family residential buildings located in Albany County’s most distressed neighborhoods to qualified residents who can demonstrate the capacity to own and manage a rental property. Buyers will be required to keep all rental units affordable for a period of 20 years from purchase, during which time they must rent to low-moderate income residents at affordable rental prices (see below for more details on affordability requirements and other regulatory restrictions).  

 

HOW IS NEIGHBORS FOR NEIGHBORHOODS FUNDED?  

Neighbors for Neighborhoods is funded through grants provided by Enterprise Community Partners, the New York State Office of the Attorney General and the City of Albany.   

 

WHO IS ELIGIBLE TO APPLY TO PURCHASE A NEIGHBORS FOR NEIGHBORHOODS PROPERTY? 

To be eligible for consideration all applicants must 

1) Primary residence must be within fifteen (15) miles of or within the same municipality as the participating property; 

2) Demonstrate that they are responsible property owners or landlords and have no current or prior negative real estate history, including, but not limited to property tax delinquency, code violations, liens, or foreclosures;  

3) Have previously or currently owned two (2) or less rental properties;  

4) Demonstrate sufficient financial capacity to purchase and maintain a participating property; 

5) Provide a down payment or equity investment; 

6) Have experience or training in managing and/or maintaining rental properties; 

7) Commit to renting all units to local low- and moderate-income residents who earn no more than 80% of the Area Median Income (AMI) at lease up and maintain rents at levels of no more than 30% of 80% of AMI each year, and; 

8) Commit to completing a first-time homebuyer and/or landlord training course(s) prior to closing  

HOW DO I APPLY TO PURCHASE A PROPERTY THROUGH NEIGHBORS FOR NEIGHBORHOODS? 

All applicants will be required to complete a Neighbors for Neighborhoods program application. All applications must be submitted by 5:00 PM Monday, December 3, 2018. Late, incomplete or applications that do not meet the program’s eligibility requirements will not be considered.  Approved buyers will be selected by the Albany County Land Bank’s Board of Directors.  

Open Houses and Events:

Neighbors for Neighborhoods Workshop #1: Wednesday, October 10, 2018 at 6 PM in the 2nd Floor Community Room at 200 Henry Johnson Blvd.

311 & 315 Clinton Avenue Open House: Thursday, October 18, 2018 from 5-7 PM

2 Judson Street Open House: Saturday, October 20, 2018 from 11 AM-1 PM

Neighbors for Neighborhoods Workshop #2: Wednesday, November 14, 2018 at 6 PM in the Large Meeting Room at the Arbor Hill/West Hill Albany Public Library Branch (148 Henry Johnson Blvd.)

Eligibility Requirements

To be eligible for consideration all applicants must 

1) Primary residence must be within fifteen (15) miles of or within the same municipality as the participating property; 

2) Demonstrate that they are responsible property owners or landlords and have no current or prior negative real estate history, including, but not limited to property tax delinquency, code violations, liens, or foreclosures;  

3) Have previously or currently owned two (2) or less rental properties;  

4) Demonstrate sufficient financial capacity to purchase and maintain a participating property; 

5) Provide a down payment or equity investment; 

6) Have experience or training in managing and/or maintaining rental properties; 

7) Commit to renting all units to local low- and moderate-income residents who earn no more than 80% of the Area Median Income (AMI) at lease up and maintain rents at levels of no more than 30% of 80% of AMI each year, and; 

8) Commit to completing a first-time homebuyer and/or landlord training course(s) prior to closing.

Applicants must:

  • Demonstrate capacity to purchase and maintain a rental property.
  • Have the ability to secure a down payment or equity investment to purchase a N4N property.
  • Proof of residency proximity requirements
  • Demonstrate experience or training in managing and/or maintaining rental properties.

Qualified buyers selected for this program must:

  • Maintain the property in excellent condition, purchase homeowners insurance, and stay current on all taxes for the duration of their property ownership.

 

  • Rent all units to local low- and moderate-income residents who earn no more than 80% of the Area Median Income (AMI) at lease up and maintain rents at levels of no more than 30% of 80% of AMI each year, and;

 

  • Complete a first-time homebuyer and/or landlord training course(s) prior to closing
  • All applications are due no later than 5:00 PM on Monday, December 3, 2018.