What a land bank is, and how buying from one works

A land bank is a nonprofit that takes in vacant, abandoned and tax-foreclosed property and gets it back into use. Albany County created its land bank in 2014. Instead of auctioning everything to the highest bidder, it picks buyers who have a real plan and the money to carry it out.

• You apply instead of bidding. Each property has an asking price, and you make an offer on the application.
• The Board picks the buyer based on your plan, your money, your experience, your offer and what it does for the neighborhood.
• You must see the property in person first.
• The deal comes with rules: an enforcement mortgage holds you to finishing the work within about a year, and some properties require you to live there for 5 years.
• Prices can be low. On the November 2026 list, vacant lots started at $600.

1. 1

   A new list each month

   The For Sale List posts on the first business day of the month.

2. 2

   View, check zoning, gather documents

   See the property, confirm your plan with the town or city, and put together the application, budget, ID, tax return, proof of funds and a $50 fee per applicant.

3. 3

   Apply by the deadline

   Applications are due by 2:00 PM on the last Tuesday of the month — by email as one PDF, by mail or in person.

4. 4

   The Board decides

   It meets on the third Tuesday of the month, and you hear back by that Friday.

5. 5

   Close and do the work

   At closing you pay closing costs plus a 3% asset management fee, then finish the work your plan promised.

The Land Bank also runs a Lots for Less program for vacant lots, with applications taken on a rolling basis, and a first-time homebuyer program.

• Good fit: you have a clear plan, some savings or a pre-qualification, and you can finish work within a year.
• Harder fit: you're behind on property taxes or a mortgage, or have open code violations — those have to be fixed first.

This is general education. The Land Bank's own application and website are the final word.