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Albany land bank details housing plans and $1M loan for East Yard master plan
Summary
The Albany Land Bank gave a detailed update on property conveyances, affordable housing activities and proposed loans: $350,000 committed to buy‑down house prices, $165,000 for a demonstration home, and a proposed $1,000,000 short‑term loan to support an East Yard master plan (18‑month term) secured by property and the plan.
The Albany Land Bank executive director updated commissioners on the authority's work since 2017 and on an 18‑month housing initiative funded by a $2,000,000 city memorandum of understanding.
Staff said the land bank has processed 369 applications and conveyed 329 properties while generating more than $125,000 in recovered taxes. Under the city MOU, the land bank has committed $350,000 as cash allocations to the Department of Community and Economic…
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