Affordable Homes Program
Building Better Futures
The Land Bank’s Affordable Homes Program was jump started shortly after the organization’s inception in 2013. With the assistance of municipal and local not-for-profit organizations, the Land Bank has been able to complete full rehabilitations and subsequent sales of several properties in Broome County with several more under construction or in pre-development phases.
For this program, the Land Bank will either partner with a local not-for-profit affordable housing developer who will manage the construction and assist the Land Bank in affordability analyses upon sale of the property or the Land Bank will serve as the project manager overseeing the construction with assistance from a local affordable housing agency working with interested buyers. Each home completed under this program is marketed and sold to low-to-moderate income (LMI) individuals and families.
Each property the Land Bank acquires ranges in complexity, which results in varying levels of construction necessary to complete full rehabilitations. The average development cost to the Land Bank to complete an Affordable Home is approximately $150,000 to $200,000. The Land Bank will typically sell these homes between $85,000 and $130,000 to qualified buyers and depending on the current market.
The Land Bank’s Affordable Homes Program has been very successful at providing quality homeownership opportunities to individuals and families who may otherwise not have access. To date, the Land Bank’s program has a 100% success rate with all approved buyers fulfilling housing related payments with no defaults. Our buyers have even built upon the Land Bank’s success by adding fences, landscaping, and other personal touches.
How to Apply?
Once a Land Bank Affordable Home is complete, we will utilize a local realtor to market the property to low-to-moderate income (LMI) individuals and families. The Land Bank recommends that interested buyers engage a local realtor to represent them.
In order to be considered “eligible” to submit a purchase offer on a Land Bank Affordable Home, interested buyers must
- Secure a pre-qualification letter from a mortgage lender
- Not exceed the Land Bank’s household income limit as determined by the Department of Housing and Urban Development for Binghamton, NY here: https://www.huduser.gov/portal/datasets/il.html *
*Please note that income limit may vary depending on the project funding source and that HUD updates income limits on an annual basis. For specific information, please reference our listings page or contact the Land Bank directly.
