Preem Cabey is proof it’s possible to own property and revitalize you own neighborhood at the same time.
What You Need To Know
- The Albany Land Bank has sold over 500 recently-foreclosed properties
- The costs of getting houses up to code and habitable can be “many multiples” of the sale price
- Financial backing and access to credit are crucial to a successful purchase
“It does my heart so much good to buy a house right next to where I was living as a renter for six months,” Cabey said.
She’s in the process of closing on home and it was made possible through the Albany County Land Bank’s ‘Equitable Ownership Program’.
It’s a bit of a fixer upper, but she says having a place of her own is invaluable.
“It’s going to build equity within our family, as well as being an opportunity to hand something down to our kids and teach them about business and teach them how to maintain a property and make it grow in their own community” Cabey said.
More than 500 foreclosed properties like these were recently sold through the Land Bank, Adam Zaranko, the bank’s executive director, explained that owning a home is an attainable goal but doing it this way will take work.
“If you see a property for sale for $5,000 or $10,000 through our organization that means it probably needs a lot more multiples of that to bring it up to code,” Zaranko said.
Proof of financial backing that will help you complete the project is also required before