Governor Hochul’s Plan to Make Homeownership Affordable for New Yorkers

As her fourth proposal for the 2025 State of the State, Governor Kathy Hochul today proposed significant actions that build upon her ongoing commitment to addressing the housing shortage and increase affordability by creating more homeownership opportunities, and taking actions to protect housing affordability for everyday New Yorkers. Building on Governor Hochul’s historic $25 billion, five-year housing plan to create or preserve 100,000 affordable homes statewide, New York State has reached the milestone of creating 50,000 affordable homes within two years.

“The New York Land Bank Association enthusiastically supports Governor Hochul's ambitious response to challenges faced by homebuyers in New York State. The entry-level housing market is constrained by too few builders constructing starter homes, homeowners' reluctance to list their homes due to high interest rates, and private equity firms scooping up what little inventory is available, creating artificial scarcity. Those homes would historically have been purchased by families and have provided a path to grow household wealth. We applaud Governor Hochul for pushing back against venture capital and helping homebuyers compete on a fair playing field.”

Read the full press release here.

Blighted Red Carpet Inn Motel demolition work begins

The Broome County Land Bank purchased the motel in February 2024 for $600,000 in grant funding secured from the county. The funding source for professional environmental services and a majority of the demolition scope of work had been secured through Phase II of the New York State Land Bank Initiative program that was administered by the New York State Office of Community Renewal and funded through the New York State Housing Trust Fund Corporation.

The Town of Union is providing $70,000 in local entitlement Community Development Block Grant funds to help pay for the demolition of the blighted building.

Broome County Executive Jason Garnar said he’s most proud of the collaboration between several agencies, which streamlined this process.

“In terms of being able to acquire this property and have it be brought down, I’ve never seen something go so fast before,” said Garnar. “That’s a testament to the land bank that took the lead in doing this.”

Read the full story here.

Broome County Land Bank demolishes eyesore building next to public park

““It is very unfortunate because it is directly adjacent to the neighboring Hillcrest Park so on behalf of the land bank, we are just incredibly proud to be able to address blight in our community but with this one being right next to a park we’re just happy we going to be able to make an impact on the Hillcrest community and all the families and individuals who get to enjoy this park,” said Executive Director of the Broome County Land Bank Jessica Haas.”

Learn more here.

Syracuse land bank’s future home is historic mansion it’s been trying to save since 2018

www.syracuse.com; Jeremy Boyer; 2/1/24

“The Greater Syracuse Land Bank’s need for new office space may help finally launch a stagnant, state-supported renovation project at one of its high-profile historic properties.

Land bank officials embraced the idea of putting the organization’s headquarters inside one of the buildings it’s helping to save and return to productive use. It’s also within a neighborhood where the land bank has already put dozens of abandoned homes back on the tax rolls through sales to responsible owners.”

Binghamton invests $2 million in land bank rescue of blighted homes

The City of Binghamton is investing two million dollars in the rehabilitation of rundown properties, turning them into opportunities for first-time home-buyers.

The City is partnering with the Broome County Land Bank to fund the rehabilitation of the foreclosed and abandoned properties.

In the past, the municipality has worked with the property rehabilitation agency to oversee the demolition of properties the Land Bank had acquired. The Land Bank’s Affordable Homes Program has already fixed up four properties in the City.

Learn more here!

How Vacant and Distressed Homes Can Help Meet the Demand For Entry-Level Housing

Addressing the current lack of entry-level inventory isn’t quite as simple as building more houses. The construction industry is still plagued with supply chain issues which have only been exacerbated by the pandemic. The cost of lumber, which increased to a peak of 150% during the pandemic, has decreased over the past few months, yet it remains higher than pre-COVID-19 levels. In addition, since profit is a leading motivation for developers, they are not often particularly attracted by the low margin of starter homes.

Identifying, optimizing and financing these vacant and distressed properties requires processes, understanding and partnership as well as better capacity and capabilities to manage the growing inventory and assure it remains affordable over the long term. Educating the industry on options will also drive sustainable homeownership. While individual homes benefit a singular family, a broader approach may help the nation. Freddie Mac and partners are thinking outside of the box through solutions like land banking.

Land banking, a process for local governments and municipalities to manage properties that are vacant, abandoned or foreclosed, creating a programmatic approach to transform unused housing units into community assets and affordable housing stock. Freddie Mac is focusing on bringing this concept out of the corner and into the center of the housing ecosystem through partnerships with organizations like the Omaha Land Bank, through which innovative strategies are tested which convert vacant properties into community assets and homeownership opportunities for low- and moderate- income borrowers.

Learn more here!

Albany County receives $1.4M to rehab homes

ALBANY – Albany County received nearly $1.4 million in grant funding from the state that will go toward rehabbing homes in Albany's South End and supporting mental health services in the county.

The $1 million grant will go toward rehabilitating three Second Avenue homes. The two-family buildings are owned by the Albany County Land Bank. The plan is to sell the homes to first-time homebuyers with low-to-moderate incomes. The Land Bank will also pair qualified buyers with financial and educational resources designed to help more low-income families and individuals become homeowners.

Adam Zaranko, executive director of the Albany County Land Bank, said the grant will help create stability for the future homeowners and the neighborhood.

Learn more here!

Kirkwood eyesore to be demolished

KIRKWOOD, NY – An eyesore along Main Street in Kirkwood is finally coming down thanks to a partnership between the Broome County Land Bank and the town.

It has sat unoccupied since the 2006 flood and was damaged a second time in 2011.

Broome County recently foreclosed on the property for failure to pay property taxes.

Kirkwood Supervisor Lew Grubham and County Legislator Scott Baker had both approached the Land bank to see if it could help.

“We’ve had a couple of these properties over the last few years. One down on Five Mile Point nearby the railroad tracks that was a worse eyesore than this one. They stepped to the plate. I know they have a lot of projects to do so when you get one done in your town, you are really happy about it and thankful,” says Grubham.

The total cost of the demolition is $37,000 with the Town of Kirkwood chipping in 3 grand.

Grubham says most flood-damaged homes in Kirkwood were either repaired or took FEMA buyouts.

He says only a few small damaged river cottages remain.

The Land Bank also tore down houses on Route 79 in Harpursville and Nowlan Road in Hillcrest last week.

Learn more here!

Kingston City Land Bank sells 3 houses

KINGSTON, N.Y. — The Kingston City Land Bank has sold its first three houses to first-time homebuyers.

The land bank said it will celebrate the sale of the properties with a “Home for the Holidays” event from 3 to 5 p.m. Friday, Nov. 19, at 64 Van Buren St. in Midtown, where one of the three houses is located. The others are at 174 Hasbrouck Ave. and 248 Main St.

“These are the land bank’s first of many sales of well-designed, truly affordable homes in Kingston,” the land bank said in an announcement. “All three properties were vacant when purchased from the city of Kingston in 2020 and have been completely renovated” by the land bank.

Learn more here!

Schenectady to demolish 13 vacant buildings

SCHENECTADY — The city is seeking bids to demolish 13 vacant buildings throughout four neighborhoods as part of ongoing efforts to eliminate blight and revitalize local communities.

The city, in partnership with the Capital Region Land Bank and the Schenectady County Metroplex Development Authority, has demolished over 200 blighted and vacant buildings throughout the city in recent years.

Learn more here!

Near Westside Neighborhood Association and GST BOCES deliver house for One House at a Time program

ELMIRA N.Y. (WETM) – Near Westside Neighborhood Association has partnered with GST BOCES to build a house for the One House at a Time program.

The One House at a Time program is one of NWNA’s affordable housing programs and is designed to create more single-family homes and increase the rate of homeownership in the City of Elmira. The program receives funding from the City of Elmira’s HOME Investment Partnership Program.

NWNA purchased the vacant lot in the Clinton-Columbia Historic District from the Chemung County Land Bank in 2019 and the house was built by the Building Construction students during the 2020-2021 school year.

Learn more here!

‘Poet’s Perch’: Tiny house project breaks ground in Cohoes

COHOES, N.Y. “Small lot, tiny home, big impact.” That’s the idea behind the poet’s perch, a tiny house project in Cohoes set to become a writer’s retreat and garden for the community.

When completed, it will become the Poet’s Perch, a writers’ retreat with a native-landscaped reading garden and two Little Free Libraries – one each at adult- and child-browsing height.

After months of research, Rosenheck found the Cohoes property on the Albany County Land Bank’s for-sale list.

Learn more here!

Land Banks and Community Land Trusts: Partnering to Provide Equitable Housing Opportunities Now and for Future Generations

Land banks and community land trusts (CLT) are two entities that, in concert, can help reverse the trajectory of disinvestment and unlock a pipeline of VAD properties to provide much needed quality affordable housing for current and future generations. 

Places like Albany, New York; Atlanta, Georgia; and Columbus and Franklin County, Ohio are pioneering models of how these partnerships can support neighborhood stabilization and prevent displacement of vulnerable residents.

Lean more here!

See Every Room Inside the Kingston Design Showhouse 2021

This year, the show house is partnering with affordable housing advocate Kingston City Land Bank to renovate an existing home in need of repair.

With New York City transplants arriving in the region during the pandemic, the average home value rose 30% in the Kingston metro area, according to Zillow. In an effort to help a local resident find affordable housing, Kingston Design Connection has partnered with the Kingston City Land Bank to rehab a property in dire need of repair for the latest show house. The home will be sold to a first-time homeowner who earns 80% or less of the area median income. “It’s the type of partnership that I’d love to see show houses across the country imitate,” Damour says.

See the incredible transformation of this year’s Kingston Design Showhouse, on view on weekends through October 24, here.

In Ogdensburg, building better

OGDENSBURG, New York (WWNY) - BOCES students in St. Lawrence County are helping the City of Ogdensburg to fill in holes left by the demolition of derelict houses. They’re building new homes to replace what’s been torn down.

“It’s a good feeling for me. I feel like we’re going to make the town better, the city better,” said Abbie Rybka, a Northwest Tech building trades student.

The Ogdensburg Land Bank - a non-profit whose mission is to revive the housing stock in the city - paid for all the materials. The Land Bank liked it so much they went and bought another built at BOCES’ Southwest Tech.

“It’s been a really great partnership and opportunity for the Land Bank,” said Andrea Smith, the group’s Executive Director.

Learn more here!