INCLUSIVE NEIGHBORHOODS PROGRAM

In order to encourage permanent affordable housing and create more affordable housing opportunities for economically disadvantaged Albany County residents in the City of Albany, the Land Bank may make certain properties located outside the Land Bank’s Focus Neighborhoods available for sale to the Albany Community Land Trust (“Land Trust”) at a discount. Under this program, residential properties in eligible neighborhoods will be available for purchase by the Land Trust for a limited time. The Land Trust shall renovate the property, if needed, and sell to a low-income buyer who will occupy the Land Trust home as their Principal Residence and abide by the affordability restrictions outlined in their 99-year ground lease.