Neighbors for Neighborhoods Program

Albany County Land Bank ^ | 09/02/2020 | Probably Government

[Brian Griffin]

$96,900 6 bed 3 bath 1,980 square feet 95 Elizabeth St, Albany, NY 12202 Price per sqft $49

Property Details

Neighbors for Neighborhoods is a grant-funded program that enables the transformation of vacant and deteriorated properties into quality, affordable rental housing....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...

[Brian Griffin]

This place looks to be in excellent condition.

It is listed as a foreclosure.

[rktman]

Location, location, location. Someone with extra cash could pick it up and rent it out.

[Brian Griffin]

“At the Albany County Land Bank, we join with the many other entities working to ensure that injustice will not be tolerated and that as an organization, we do our part in helping address some of the disparities that are evident in our nation as it pertains to systemic racism.”

https://www.albanycountylandbank.org/

[rktman]

Looking at the criteria.........🤔. Uh, no.

[moovova]

Reading the blurb...it sounds almost discriminatory. At the very least...they don’t sound like they want to sell it very much.

[Ken H]

Blackrock has a few bucks lying around.

[TexasGator]

.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...

[peggybac]

How can the requirements be legal?

[rxh4n1]

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...

Like homesteading in reverse. Instead of improving the property, it gets destroyed by the tenants.