Legacy City Access Program

Legacy City Access Program
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Overview

In many areas across NY State, lingering effects of the foreclosure crisis, combined with population loss and
limited access to capital have resulted in cities struggling to address blight, particularly vacant and
distressed 1-3 unit properties. These abandoned structures continue to drive down market conditions and
strain limited municipal resources. As these properties have languished, the cost of renovation is often
greater than the after-improved value, putting scalable and targeted revitalization efforts financially out
of reach.


In many of these same cities, historic trends in lending discrimination and redlining practices have
contributed to a massive homeownership gap in communities of color. This is compounded by the rising
costs and limited availability of “move-in” ready homes for sale in these markets.


The Legacy City Access Program will address these market dislocations by providing resources to small
developers who have the capacity to take title to and renovate vacant properties, creating new
opportunities to promote affordable homeownership for underserved families, particularly first-time
homebuyers of color.

Eligibility

Eligible Communities

The program will consider awards for projects in communities who meet the following
criteria:

 

  1. 1. Project/s that are located in an Upstate community served by a NYS Land Bank in one of the following REDC Regions:
    • Mid Hudson - Southern Tier
    • Capital Region - Central New York
    • North Country - Finger Lakes
    • Mohawk Valley - Western New York and;
       
  2. Project/s that are located in communities with historical disparities in terms of access to mortgage credit and homeownership for applicants of color. If local data is not available, use the Climate Leadership and Community Protection Act (CLCPA) mapping tool found here:

Eligible Applicants

Land Banks in partnership with local developers who propose projects that meet the following criteria will receive priority review:

  1. Proposed projects should target 5 to 10 vacant 1-3 family residential properties to which a Land Bank currently holds clean title, or where an agreement exists between a municipality and a Land Bank to transfer title to the Land Bank. Properties must be in close proximity in identifiable neighborhood/s.
  2. Applications must be in partnership with a developer partner for each assemblage, with a priority going to MWBE-certified or other minority-owned developers.
  3. The proposal must demonstrate that the proposed project assemblages can be successfully rehabilitated for homeownership based on the subsidy per unit available under this term sheet
  4. An established partnership with a homeownership counseling agency to build homebuyer pipeline
  5. Land Banks that demonstrate the capacity to address more than 1 assemblage following the same criteria listed above will receive priority review for funding.

Application & Term Sheet