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Committee approves release of right of reverter for 26 Trinity Place to allow sale
Summary
Albany County’s Audit and Finance Committee approved a release of a right of reverter written into the 1998 deed for 26 Trinity Place after staff said the deed conditions had been satisfied and a 2024 inspection found no blight.
The Albany County Audit and Finance Committee unanimously approved a request to release a right of reverter on 26 Trinity Place, a parcel conveyed to the Capitol Hill Improvement Corporation in 1998.
County staff told the committee the deed contained a right of reverter that would return title to Albany County if the recipient failed to meet deed conditions. Staff said those conditions have been satisfied: the borrower secured a rehabilitation loan in 2012, the property was rehabilitated, and a visual inspection in October 2024 found no blight or decay.
Committee members asked questions about the nature of the Capitol Hill Improvement Corporation and why the release was necessary. One member asked, “What is the Capitol Hill … is it a private organization?” Staff replied that the corporation holds a real property tax exemption under section 420 and described it as a not-for-profit organization. Staff said release of the right of reverter is needed so the corporation can complete title work and proceed with a sale of the property.
Miss Alex moved approval, and Mister Grimm seconded. The committee recorded unanimous approval.
