The Land Bank’s Spend a Little, Get a LOT! program is designed to create more opportunities for responsible neighborhood residents to own a vacant lot on their block. The goal of this program is to stabilize neighborhoods by increasing local property ownership.
Eligibility for the Spend a Little, Get a LOT! Program:
Properties eligible for “Spend a Little, Get a LOT!” are single lots that have been in ACLB inventory for more than one year.
Eligible buyers must live within a 500 ft radius of the property and must be either:
Property owners of a primary residence; or
Renters of 5+ years that use the property as their primary residence.
For Those Who Qualify:
Properties in the “Spend a Little, Get a LOT!” program can be purchased for $100 for approved buyers (not including closing costs).
If applicant(s)’s income is ≤50% of the AMI based on the current AMI for the Albany-Schenectady-Troy area as calculated by HUD, a credit of up to $500 will be applied to closing costs (not applicable to sales price).
Example: Everyone owner-occupant, homeowner, and renter with 5+ years tenure as their primary residence living within the purple circle above would be eligible to purchase a lot for $100 (not including closing costs). If their family income is below 50% of Median Area Income (see chart below), then they would also be eligible for a $500 credit towards closing costs on the property.
Please Note: Adjacent property owners and renters will be given first preference if the property is competitive.
Successful Projects with ACLB Lots
