The goal of the Equitable Ownership Program (EOP) is to use the Land Bank’s real estate and pair residents with available resources to create more affordable home ownership opportunities for individuals and families residing in or relocating to Albany County’s economically distressed neighborhoods and are seeking to purchase their first home.

Equitable Ownership Program

In addition to ACLB’s standard application requirements, EOP applicants must also 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 equal to, or approximately at 50% to 70% of the area median income for Albany County (see chart below)

  • Currently reside in or relocate to EOP Program Area (preference will be given to applicants that already reside within Program Area)

  • Purchase a EOP participating property (see Property Qualifications)

  • Applicant will be required to complete first time home-buyer and landlord training (if applicable)

Participating properties will be selected by the ACLB and include 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

Participating Properties

Income Eligibility

EOP AMI Chart.png

Required Educational Courses

  • HUD approved First-time Home Buyer Course

  • Landlord Training (if applicable)

  • ACLB Housing Counseling: Homeowner 101

Program Benefits

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

  • A 15% discount off list price or, a seller’s concession of an equal value to support the rehabilitation of the property

  • 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



  • RemodelNY: provides competitive interest rate financing to qualified first time homebuyers for the purchase and renovation of homes in need of improvements or repairs. Under RemodelNY, SONYMA will finance both the purchase and the renovation of the home with one mortgage.

Legal Representation:

Available Resources