The Legacy City Access Program connects the Albany County Land Bank Corporation with MWBE enterprises to rehabilitate existing buildings into necessary housing.
The Albany County Land Bank, JKE Development LLC, Community Preservation Partners (CPC) and New York State Homes and Community Renewal (NYSHCR) recently closed on Albany County’s first Legacy City Access Program project. This project will result in the rehabilitation of three residential buildings located in the City of Albany.
“We are thrilled to announce this key milestone for the Legacy City Access Program here in Albany,” said Albany County Land Bank Corporation Executive Director Sean Maguire. “This step continues to advance our work to repurpose and rehabilitate these underutilized neighborhood assets and get them into the hands of new homeowners.”
“The Albany County Land Bank Corporation remains a crucial partner for community development and continues to help us revitalize neighborhoods,” said Albany County Executive McCoy. “The Legacy City Access program is the perfect example of the good being achieved, transforming underutilized properties so that individuals and families can realize the dream of home ownership.”
The project will provide essential resources to JKE Development, a minority- and women-owned business enterprise (MWBE), to facilitate the rehabilitation of three two-family buildings in Albany. Upon completion, these homes will be made available to income-qualified first-time homebuyers at an affordable price.
“We are excited to partner on the Legacy City Access Program project,” said Jermaine White of JAW Housing. “By transforming these properties, we are providing affordable housing for first-time homebuyers and contributing to the growth of the Albany community. Our collaboration, combined with our extensive portfolio, underscores our ongoing commitment to neighborhood revitalization.”
The project includes the following:
185 Second Street. Each unit includes three bedrooms and one bathroom; laundry facilities are included in both units.
26 Beverly Street. Each unit includes two bedrooms and one bathroom; laundry facilities are included in both units.
382 First Street. Each unit includes two bedrooms and one bathroom; laundry facilities are included in both units.
CPC, a State-wide Community Development Financial institution (CDFI) is providing the loan for this project and NYSHCR is providing $150,000 per unit of subsidy for this project which will total more than $1.2 million of critical investment into two of Albany’s great neighborhoods.
If you or somebody you know are interested in becoming a first-time homebuyer and purchasing one of these homes, Affordable Housing Partnership (AHP) has been tasked with getting first-time homebuyers buyer-ready by providing first-time homebuyer counseling, qualifying buyers for grants, and connecting buyers with mortgage providers. You can find more information on their programs on its website.
Furthermore, the Albany County Land Bank is committed to supporting buyers by connecting them with additional resources. Qualified buyers can apply through our first-time homebuyer program on the Albany County Land Bank website.