The Albany County Land Bank was awarded $1.8 million from the state to increase the supply of affordable homes.
Adam Zaranko, the land bank’s executive director, said the money will be used to turn abandoned properties into affordable housing.
Zaranko said it is the first time the state has allocated money just for land banks. “For (the bank) being eight years old, that is a big milestone,” he said.
Zaranko said the grant will be used for capital improvements on the land bank’s existing inventory of properties, after being approved by the bank’s board of directors. Each project will be handled on a case-by-case basis to determine its value and future improvements.
According to a statement, the money is awarded on a competitive basis and issued by New York State Homes and Community Renewal under New York’s Land Bank Initiative. The award provides capital funding for building stabilization, demolition and pre-development expenses.
Gov. Kathy Hochul said the program will help empower local nonprofits to help increase homeownership and repair quality of life in neighborhoods that have experienced disinvestment.
Albany County Executive Daniel P. McCoy said the county has already invested nearly $4 million in the land bank since its creation in 2014 and has helped revitalize entire neighborhoods. He said the grant will continue to invest in the land bank’s future success.