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Troy Community Land Bank reports sales, rehab grants and a new $1.925M award for repairs and predevelopment
Summary
The Troy Community Land Bank reported property stabilizations, completed sales and a newly awarded $1.925 million grant for pre-development and a $500,000 owner-occupied repair program, and said it expects to invest $1.3 million in rehabs this year.
Brad Lewis, executive director of the Troy Community Land Bank, presented the authority’s 2025 annual report to the council on May 7, outlining sales, stabilization work, and new grant awards to support affordable housing and home repairs.
Lewis said the land bank sold six properties last year, finished redevelopment work on 791 River Street (now occupied with income-restricted units) and partnered with Habitat for Humanity to deliver four new owner-occupied homes. The authority completed stabilization and ‘‘red X’’ removals at multiple properties and began several larger rehabs in 2025.
Financially, Lewis reported the land bank received an approximately $1 million ARPA award and spent roughly $961,000 by the end of 2025. He announced a new $1.925 million grant to support pre-development, acquisition, and a $500,000 repair program for owner-occupied homeowners; the land bank launched the repair program with a stated intent to address life-safety code issues and to help households with incomes up to 120 percent of area median income.
The land bank said its net position rose and it expects to invest about $1.3 million in rehabs at three properties and to pursue the construction of up to 13 Move-in New York homes using vacant lots transferred by the city. Board organization, audit firm, and governance details were included in the formal annual report provided to council.
Why it matters: The land bank’s activity affects neighborhood stabilization, affordable housing production, and owner-occupied home preservation programs. The repair program is intended to prevent homes from becoming vacant by addressing code and life-safety issues for eligible homeowners.
Lewis and staff invited questions and noted additional project details and award documentation are available in the land bank’s report on its website.
