ALBANY COMMUNITY LAND TRUST

Aclt's homeownership program involves the acquisition and renovation of a home 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. As of december 31, 2024, 48 families have been helped by this program.