KINGSTON – The Kingston City Land Bank has completed its property purchases of three vacant homes from the city. The homes will be renovated and returned to the city’s tax rolls at full value once completed.
With this first acquisition, the land bank has purchased three homes – 248 Main Street, 174 Hasbrouck Avenue, and 64 Van Buren Street from the city for the full value of unpaid real estate taxes.
As a part of this first phase of the land bank’s program, a total of five homes are scheduled to be purchased and then renovated with funding provided by Enterprise Community Partners.
Requests for Proposals for the construction renovation contracts will be posted on the KCLB’s website when available.
Once construction is complete, the homes will predominantly be sold to families earning at or below 100 percent of the area median income in Ulster County.
Currently, this limit for a family size of four is a gross household income of $83,700. Sales will be made through a public application process, details of which will be available on the KCLB website. No homes are currently offered for sale by the KCLB at this time.
“These first acquisitions are a landmark achievement for our community,” said Mayor Steven Noble. “Not only will the city recoup back taxes for these properties through the sale. Once they are renovated, these homes will reinvigorate their neighborhoods — at a time when we desperately need housing stock. “
The Kingston City Land Bank was formed with the purpose of acquiring title to tax-foreclosed and other distressed properties in the City of Kingston, removing barriers to redevelopment and returning properties to the tax rolls. Its mission is to foster an equitable community where vacant or distressed properties are transformed into community assets that improve the quality of life for Kingston residents, stabilize and enhance neighborhoods, and create new pathways for social and economic development.
For more information about the KCLB and to join our mailing list for updates, visit www.kingstoncitylandbank.org and follow us on Instagram at @kingstoncitylandbank