ALBANY COMMUNITY LAND TRUST
255 ORANGE STREET, ALBANY, NY 12210 www.albanyclt.com

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Organizations Filed Purposes: PRESERVING AND MAINTAINING AFFORDABLE HOUSING FOR LOW INCOME AND DISADVANTAGED INDIVIDUALS AND FAMILIES IN ALBANY, NEW YORK.

ACLT ACQUIRES AND REHABILITATES VACANT BUILDINGS IN THE LOW-INCOME ALBANY NEIGHBORHOODS OF WEST HILL, ARBOR HILL AND THE SOUTH END. ACLT USES LOANS AND GRANT RESOURCES TO BRING THE PROPERTIES BACK TO PRODUCTIVE USE AND CONTINUES TO OWN AND MANAGE THESE PROPERTIES AS AFFORDABLE RENTAL PROPERTIES. IN 2019, 53 FAMILIES WERE HELPED FROM THIS PROGRAM.

ACLT USES A "BUYER'S CHOICE" MODEL WHEREBY QUALIFIED HOUSEHOLDS IDENTIFY A HOUSE THEY WOULD LIKE TO OWN AND ACLT ACQUIRES AND REHABILITATES THE HOUSE BEFORE SELLING IT TO THE HOMEBUYER. ACLT USES FINANCING AND SUBSIDIES FROM A VARIETY OF SOURCES TO COMPLETE THE REHABILITATION. ACLT RETAINS TITLE TO THE LAND UNDER LAND TRUST PROVISIONS. THE LAND IS THEN LEASED TO THE HOMEBUYER FOR A NOMINAL AMOUNT. ANY FUTURE SALE OF THE RESIDENCE MUST BE TO ANOTHER QUALIFIED HOMEOWNER OR ACLT RETAINS THE RIGHT TO RE-ACQUIRE THE BUILDING AT A PURCHASE PRICE SPECIFIED IN THE LAND LEASE AGREEMENT. THIS ENSURES THAT THE RESIDENCE WILL BE OWNED BY AN APPROVED FAMILY THAT WOULD HAVE MET THE ORIGINALLY DESIGNATED CRITERIA FOR HOMEOWNERSHIP AS DESIGNATED UNDER THE PROGRAM ADMINISTERED BY ACLT. DURING 2019, 37 FAMILIES WERE HELPED FROM THIS PROGRAM.

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Data for this page was sourced from XML published by IRS (public 990 form dataset) from: https://s3.amazonaws.com/irs-form-990/202021829349300717_public.xml