Neighbors for Neighborhoods

Neighbors for Neighborhoods is a grant-funded program that enables the transformation of vacant and deteriorated properties into quality, affordable rental housing and creates local ownership to help stabilize and revitalize neighborhoods that were severely affected by the foreclosure crisis. The Albany County Land Bank will sell up to four (4) fully rehabilitated two-family residential buildings located in Albany County’s most distressed neighborhoods to qualified residents who can demonstrate the capacity to own and manage a rental property. Buyers will be required to keep all rental units affordable for a period of 20 years from purchase, during which time they must rent to low-moderate income residents at affordable rental prices.

HOW DOES NEIGHBORS FOR NEIGHBORHOODS WORK?  

The Albany County Land Bank will sell up to four (4) fully rehabilitated two-family residential buildings located in Albany County’s most distressed neighborhoods to qualified residents who can demonstrate the capacity to own and manage a rental property. Buyers will be required to keep all rental units affordable for a period of 20 years from purchase, during which time they must rent to low-moderate income residents at affordable rental prices (download program terms and conditions below for more details on affordability requirements and other regulatory restrictions).  

HOW IS NEIGHBORS FOR NEIGHBORHOODS FUNDED?  

Neighbors for Neighborhoods is funded through grants provided by Enterprise Community Partners, the New York State Office of the Attorney General and the City of Albany.   

HOW DO I APPLY TO PURCHASE A PROPERTY THROUGH NEIGHBORS FOR NEIGHBORHOODS? 

All applicants will be required to complete a Neighbors for Neighborhoods program application. All applications must be submitted by 4:30 PM Tuesday, December 4, 2018. Late, incomplete or applications that do not meet the program’s eligibility requirements will not be considered.  Approved buyers will be selected by the Albany County Land Bank’s Board of Directors.  

WHAT ARE THE PROGRAM ELIGIBILITY GUIDELINES?

To be eligible for consideration all applicants must:  

  • Primary residence must be within fifteen (15) miles of or within the same municipality as the participating property; 

  • Demonstrate that they are responsible property owners or landlords and have no current or prior negative real estate history, including, but not limited to property tax delinquency, code violations, liens, or foreclosures;  

  • Have previously or currently owned two (2) or less rental properties;  

  • Demonstrate sufficient financial capacity to purchase and maintain a participating property; 

  • Provide a down payment or equity investment; 

  • Have experience or training in managing and/or maintaining rental properties; 

  • Commit to renting all units to local low- and moderate-income residents who earn no more than 80% of the Area Median Income (AMI) at lease up and maintain rents at levels of no more than 30% of 80% of AMI each year, and; 

  • Commit to completing a first-time homebuyer and/or landlord training course(s) prior to closing.

WHAT ARE THE APPLICANT REQUIREMENTS? 

All applicants must:

  • Demonstrate capacity to purchase and maintain a rental property.

  • Have the ability to secure a down payment or equity investment to purchase a N4N property.

  • Proof of residency proximity requirements

  • Demonstrate experience or training in managing and/or maintaining rental properties.

WHAT IS REQUIRED OF SELECTED BUYERS? 

Qualified buyers selected for this program must:

  • Maintain the property in excellent condition, purchase homeowners insurance, and stay current on all taxes for the duration of their property ownership.

  • Rent all units to local low- and moderate-income residents who earn no more than 80% of the Area Median Income (AMI) at lease up and maintain rents at levels of no more than 30% of 80% of AMI each year, and;

  • Complete a first-time homebuyer and/or landlord training course(s) prior to closing

Open Houses & Events

311 & 315 Clinton Avenue Open Houses:
Wednesday, November 28, 2018 from 3-4:30PM

2 Judson Street Open Houses:
Wednesday, November 28, 2018 from 4:45-6PM


Program Documents & Terms

 Neighbors for Neighborhoods Maximum Income Limits and Rental Rates

Neighbors for Neighborhoods Maximum Income Limits and Rental Rates

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