FOR HOMEBUYERS

Owning a home through Albany Community Land Trust provides a unique opportunity for eligible families to achieve financial stability and build wealth. Our program ensures homes remain affordable for future generations while allowing current homeowners to enjoy the benefits of homeownership.

How It Works

  1. Land Ownership: The community controlled nonprofit ACLT owns the land, while the homeowner has sole ownership of their home.

  2. Affordability: Thanks to subsidies, homes are sold for below-market prices. Upon resale, prices are set to offer an affordable housing opportunity to the next generation.

  3. Equity Building: Homeowners can sell their homes and recoup their investment plus a portion of the home's appreciated value.

Steps to Homeownership

  1. Attend Homebuyer 101 Class: Offered by the Affordable Housing Partnership.

  2. Meet with a Housing Counselor: Review mortgage eligibility and make a plan.

  3. Understand the Land Trust Advantage: Learn about the land lease agreement.

  4. Get Financing: Work with lenders who offer good mortgages like SONYMA.

  5. Inspect ACLT Homes: Visit and inspect available homes with our guidance.

A five-step guide for homebuyers. Step 1: Attend Homebuyer 101 Orientation with an icon of a person and a house. Step 2: Meet with a housing counselor with an icon of two people and a house. Step 3: Understand the land trust advantage with an icon of two people holding a house. Step 4: Get financing with an icon of a house and a dollar sign. Step 5: Inspect ACLT homes with an icon of a house and a sale sign.

Homebuyers FAQs

  • At Albany Community Land Trust, we offer a unique path to homeownership that prioritizes affordability and community stewardship. Homes purchased through our programs are priced below market rates and undergo rigorous inspections to ensure safety and quality. When homeowners decide to move, they sell to another eligible homebuyer at an affordable price.   ACLT retains the right to repurchase the home at a price reflecting the family's investment, preserving affordability for future buyers.

  • Our homebuyers come from diverse backgrounds including parents with children, grandparents, young couples, and individuals. Typically first-time homebuyers, they are income-qualified individuals with steady income and access to credit. To qualify for a land trust home, your total household income adjusted for family size should be below 80% of the area median income. Visit the Affordable Housing Partnership website for current income limits.

    1. Attend a Homebuyer 101 Class: Offered by the Affordable Housing Partnership, this class covers the basics of home buying and available programs.

    2. Meet with a Housing Advisor: Discuss mortgage eligibility and create a personalized plan for homeownership.

    3. Understand the Community Land Trust Advantage: Learn about the land lease agreement and its benefits.

    4. Secure Financing: ACLT partners with lenders who offer great mortgage products such as those offered by SONYMA to provide loans for land trust homebuyers.

    5. Visit and Inspect Homes: Work closely with ACLT to tour and evaluate affordable homes that fit your needs.

  • Yes! ACLT homeowners have several options when they decide to sell, including selling directly to an eligible buyer, selling back to ACLT, or transferring the home to a family member. When selling, homeowners receive their equity plus 25% of the appreciated value, determined by an independent appraisal and the resale formula outlined in the ground lease.

    Example:

    Initial purchase price: $95,000
    Initial home value: $100,000
    Resale value: $140,000
    Appreciation: $40,000
    Resale price: $105,000 ($95,000 + 25% of $40,000)

    This formula ensures that ACLT homes remain affordable for future generations, continuing our mission to provide accessible housing for all.

For more details about our homeownership program, call us at +1 (518) 426-1296 or visit the Affordable Housing Partnership website for current income limits and eligibility criteria.