Equitable Ownership Program

In addition to ACLB’s standard application requirements, EOP applicants must meet the following criteria:

• Be a first time home-buyer (HUD defines first time home buyer 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 between 50% and 80% of the area median income for Albany County (see chart below)

• Purchase a EOP participating property (see Property Qualifications)

• Complete first time home-buyer and landlord training (if applicable)

• Preference will be given to Albany County residents who reside within Program Area.

Participating properties will be selected by the ACLB and include, but may not be limited to, 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)

Income Eligibility

(per HUD guidelines)

Required Educational Courses

• HUD approved First-time Home Buyer Course

• Landlord Training (if applicable)

Program Benefits

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

• The sales price for properties in the EOP Program has been discounted in support of the program.

• Reduced closing costs

• Qualified buyers will also be paired with available resources and be paired with a specialist who will provide guidance and mentoring while rehabilitating the property

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

Available Resources