4 More KCLB Homes Under Construction!

October 3, 2022

October 4, 2022

THE KINGSTON CITY LAND BANK ANNOUNCES FIRST CLOSING UNDER THE STATE’S NEW CONSTRUCTION FINANCING PROGRAM FOR AFFORDABLE HOMEOWNERSHIP TO REHAB FOUR VACANT HOMES IN KINGSTON

The Kingston City Land Bank (KCLB) is proud to announce that it is the first organization in New York State to close on funding and commence construction under the New York State Legacy Cities ACCESS Program. This is also the KCLB’s first development partnership with Maeda Construction, a Certified MWBE General Contracting firm based in Staatsburg. Goldstein Hall provided legal counsel to the partnership. Homeownership Counseling services will be provided by PathStone Community Improvement of Newburgh.

The KCLB purchased 29 Rogers Street, 63 German Street, 237 East Union Street, and 169 Hurley Avenue from the City of Kingston for the full price of back taxes. The properties will be fully rehabbed and sold to first-time homeowners. Sales and marketing will commence in mid-2023.

To fund this work for our community, the Community Preservation Corporation provided $866,661 in financing and New York State Housing and Community Renewal’s Housing Trust Fund Corporation provided $600,000 in financing.

The Legacy Cities ACCESS Program was established in 2021 to provide resources to New York State Land Banks, MWBE and non-profit developers to rehab vacant 1-3 unit properties into affordable homeownership opportunities for underserved households.

“We are excited to be the first organization to close under HCR’s amazing new Legacy Cities ACCESS Program,” says Daniel Kanter, Board Chair of the KCLB. “We look forward to continuing our partnership with the City of Kingston and all involved to scale our efforts under this program to provide many more well-designed, affordable homes for current and future residents of our community.”

“This program helps to fulfill a great need in the Mid-Hudson region,” says Robert Drost, Principal at Maeda Construction. “Developing these vacant buildings to provide first time, affordable, home ownership will change people’s lives for the better, and we get to be a part of that.”

“We would like to congratulate Kingston City Land Bank and Maeda Construction on this innovative and exciting project to create more affordable home ownership opportunities for the City of Kingston,” says Brian Hsu, Partner at Goldstein Hall.

“Increasing access to housing in the Hudson Valley that working families can afford is my priority, and it’s why I advocated for the Legacy Cities Program and secured historic housing investments to make it a reality,” Senator Michelle Hinchey said. “The Legacy Cities ACCESS Program will change lives by building generational equity and wealth through homeownership for first-time homebuyers who may never have had this opportunity. It is incredible that our Kingston community will be the first-ever beneficiary of this program, thanks to the leadership of Kingston City Land Bank and so many regional partners. Owning a home is a hallmark of the American Dream, and I will continue to fight for long-term solutions to help more upstate New Yorkers secure safe, reliable housing within their budget.”

“I want to thank Governor Hochul for her efforts in creating this new program and congratulate the Kingston City Land Bank for being the first in New York State to utilize this critical funding. Affordable homeownership is the cornerstone of rebuilding our neighborhoods that for years have suffered from disinvestment,” says City of Kingston Mayor Steve Noble. “These four homes were formerly vacant, tax foreclosed properties, and now, though our partnership with the KCLB, will be redeveloped and these neighborhoods will be transformed.”

“The Kingston City Land Bank’s ability to access funding from the newly created New York Legacy Access Program is a welcome development in getting Kingston families into homes that have been vacant and abandoned for far too long,” says City of Kingston Ward 9 Alder Michelle Hirsch. “This funding will help revitalize our neighborhoods while bringing home affordability to the City of Kingston.

The Kingston City Land Bank was formed with the purpose of acquiring title to tax-foreclosed and other distressed properties in the City of Kingston, removing barriers to redevelopment and returning properties to the tax rolls. Its mission is to foster an equitable community where vacant or distressed properties are transformed into community assets that improve the quality of life for Kingston residents, stabilize and enhance neighborhoods, and create new pathways for social and economic development.

For more information about the KCLB and to join our mailing list for updates, visit www.kclb.org  and follow us on Instagram at @kingstoncitylandbank