Residential Side Lot Program
Certain vacant residential lots acquired by the Land Bank may not be readily marketable because of their size, location, or other characteristics. The Land Bank may sell certain vacant residential lots for a discounted price to property owners who own lots which are directly adjacent to such vacant lots. Owners of adjacent, well-maintained properties are the most likely purchasers to take care of these vacant lots in many instances, thereby enhancing the value of the buyer's property, beautifying the surrounding neighborhood, and improving surrounding property values.
Generally, single vacant lots can enhance the values of adjacent residential property.
1.) Definition: A side lot sale is defined as the sale of a single vacant lot (bound by buildings or vacant land owned by others) to the adjacent property owner. Eligible lots must be in an Albany County Land Bank focus neighborhood. This includes; West Hill, Arbor Hill, Sheridan Hollow and the South End.
2.) Buyer Eligibility: Homeowners of property that is adjacent to (has a shared property line), who occupy their home and live in a focus neighborhood are eligible for the side lot program. If multiple adjacent owner-occupied applicants apply for the same property it is at the sole discretion of the Land Bank Board of Directors to determine the chosen buyer.
3.) Application: At any time that a complete application is submitted to the Land Bank on an available side lot and that the applicant requests review as a side-lot sale, staff will verify the adjacent ownership, occupancy requirements and lot eligibility to determine if the application and lot may be considered under this policy. The Land Bank at its sole discretion may determine that the lot is not eligible due to it being held for site assembly or a higher use as determined by the Land Bank’s property disposition policy.
4.) Price: The sales price for applicants whom meet all of the above requirements and are approved by the Land Bank Board of Directors’ will be $500 plus closing costs. A discounted price of $100 plus closing costs will be available to those who provide documentation showing that they are at 50% or less than the AMI (Area Median Income) for the Albany-Schenectady-Troy region as defined by HUD. Note that the Board of Directors at its sole discretion may make a sale contingent upon fulling certain requirements. An example of this might be the requirement to merge the side lot with their existing property.