FREQUENTLY ASKED QUESTIONS
To make finding the information you need easier, we’ve organized this page into five sections: General Questions, Application Process, Property Viewing, For Contractors & Real Estate Agents, and Other Questions. Simply browse the categories to quickly locate answers to your questions. If you don’t find the information you’re looking for, feel free to fill out the form at the bottom, or give us a call (518)407-0309, and our team will be happy to assist you!
General Questions
Q: What are the applicant requirements?
A: Applicants must demonstrate sufficient financial capacity to purchase and rehabilitate a property. They cannot have tax delinquencies, code violations, foreclosures, or outstanding liens. Applicants must also provide evidence of financial capacity and submit a redevelopment plan. See the Property Purchase Application for all application requirements.
Q: Does the Albany County Land Bank operate only in Albany?
A: No, the Albany County Land Bank operates throughout Albany County, serving all 18 municipalities.
Q: How does the Albany County Land Bank acquire properties?
A: Most properties are tax-foreclosed and conveyed by Albany County, which extinguishes back taxes and liens to facilitate productive use. Occasionally, strategic acquisitions or donations are approved by the Board of Directors.
Q: Who owns the Albany County Land Bank Corporation?
A: The ACLB was established in 2014 as an independent 501(c)(3) nonprofit corporation under the New York State Land Bank Act. It works cooperatively with Albany County and its municipalities.
Q: What is the difference between the Albany County Land Bank and the Albany Community Land Trust?
A: The Albany County Land Bank combats vacancy and blight, ensuring properties are responsibly restored and monitored. The Albany Community Land Trust focuses on creating sustainable affordable housing for low-income residents. Visit ACLT's website to learn more.
Application Process
Q: Why does the Land Bank ask for financial documents?
A: The Albany County Land Bank requires financial documents (bank statements, W-2s, paystubs, tax returns) to verify applicants have the funding to complete their proposed project.
Q: Are prices negotiable?
A: Prices are based on comparative market analyses, but applicants can propose their own. The Board of Directors considers factors like the proposed use, purchase price, and investment. See the Disposition Policy for more details.
Q: Can I “flip” a property?
A: Flipping is permitted if disclosed in the application. Buyers intending to resell rehabilitated properties must be approved by the Land Bank.
Q: Do I have to rehabilitate the property I purchase?
A: Yes, most buyers must sign a Redevelopment Agreement, ensuring the proposed use is met and the project is completed within a specific timeframe. Non-compliance may result in repossession.
Q: How long does the process take?
A: The timeline varies based on factors like sales cycles, application volume, and buyer proposals. Typically, it takes 2–4 months from application submission to closing.
Q: Can I buy multiple properties at once?
A: Generally, buyers are limited to purchasing one property at a time. Exceptions may be made for specific cases, such as purchasing a vacant building with an adjacent lot.
Q: What type of funding is accepted?
A: The Albany County Land Bank accepts cash, traditional financing, and grant funds.
Property Viewings
Q: How do I visit a property?
A: If properties are available to be viewed, you will have the option to select and schedule a viewing at albanycountylandbank.org/bookanappointment. Realtors can contact the office for lockbox codes to view properties outside of scheduled times. Lot viewings require a property viewing waiver.
Q: Can contractors attend property viewings?
A: Yes, applicants are encouraged to bring contractors to create accurate and informed applications.
Q: Does the “X” placard mean a Land Bank property?
A: No, the “X” placards are placed by the City of Albany to inform first responders that the building is vacant and potentially unsafe. Not all buildings with “X” placards are Land Bank properties, and not all Land Bank properties have an “X.”
Q: How do I find out about zoning?
A: Applicants are responsible for ensuring their proposals comply with local rules and regulations. Contact the local municipality for zoning information.
Q: How do I get building permits?
A: Building permits are regulated by local municipalities. Contact the local building department to learn about requirements.
For Contractors & Real Estate Agents
Q: I’m a contractor. How can I work with the Land Bank?
A:
Q: Can I use a real estate agent when purchasing from the ACLB?
A: Yes, applicants can use real estate agents. The Land Bank does not pay commissions but may offer a $500 referral fee to eligible agents within 30 days of closing.
Q: Does the Albany County Land Bank pay commission to real estate agents?
A: No commissions are paid unless approved. However, a $500 referral fee may be provided for sales of $10,000 or more if proper documentation is submitted and the agent holds a valid NYS Real Estate License.
Other Questions
Q: Why does the Land Bank require so many documents?
A: The required documents ensure applicants can responsibly restore and maintain properties. Private information is kept confidential. See the Privacy Policy for more information.
Q: Does the Land Bank offer grants?
A: No, the Albany County Land Bank does not provide grants. Buyers are encouraged to explore other grant sources for assistance.
Q: Does the Land Bank sell to investors, first-time homebuyers, developers, and nonprofits?
A: Yes, the Land Bank works with various buyers. All applicants undergo the same application and review process.