KCLB 2024 Year End Summary!

December 20, 2024

Rehabs are ending!…Long live rehabs!

The conclusion of another year reminds me that time is not our friend in the work we do here.

The Kingston City Land Bank was authorized by the Common Council on July 9^th, 2015 “to facilitate the return of vacant, abandoned and tax delinquent properties to productive use.” Years later, in October 2018 the Council first awarded our organization—we are an independent 501c3 public authority, in case you were wondering—properties to acquire from the City.

We did not receive any funding to work on properties until 2020, despite what you may have read years earlier. But do click that link and ponder how much good those funds would have done at the time!

Despite these initial delays, we were finally able to get to work.

Since 2020, our community has experienced the largest percentage increase in real estate prices (values?) in the US.

But none of us need to read an article to know this is true. Many of you probably feel these pressures in numerous and constant ways or know someone who is.

Starting with our first acquisitions from the City of Kingston in 2020, we have endeavored in earnest to return as many salable properties as possible as quickly as possible to the tax roll, while providing well-designed, thoughtfully restored affordable homes.

We have not been unsuccessful in these efforts.

After completing our first and second affordable homeownership programs earlier this year, we immediately announced our third in this unique series. Since we got to work, the KCLB has been and remains the only affordable homeownership provider in our City.

When our Keystone Program is completed in a few months, in total we will have returned 19 properties and over $2.5MM in assessed value to productive use. We have taken $0 in City of Kingston funds to do so.

Most importantly, we will have so far provided the opportunity for 15 families to realize intergenerational wealth via the achievable dream of owning one of our fully renovated, award winning, energy-efficient, and truly affordable homes.

As the above hopefully demonstrates, our inspired and inspiring team has moved as effectively as possible. And with the sale of our Keystone Program homes, we have returned 100% of salable residential properties we purchased from the City to the tax roll.

Not bad.

So: we are out of rehabs, at least for the time being…But because the need for the results of our work has unfortunately increased dramatically, in 2025 we will announce the details of our new construction programs.

As always, our primary focus will remain on the production of affordable housing in Kingston, and “facilitate the return of vacant, abandoned and tax delinquent properties to productive use.”

As intended.

New construction is a different animal, although not necessarily more difficult—if you know what you are doing. Collectively, our team has significant experience in this arena…but this additional approach of our focus is admittedly new for the organization.

Starting over is hard, but in this uncertain environment, slowing down to wait is clearly worse.

For us at the KCLB, this year has been filled with the culmination of years of hard, diligent and intentional work. As you may agree, we are rightfully proud of these achievements.

But this this joy should be yours as well. Thank you for trusting us to continue to fulfill the intent of why this organization was created by our community, and for which it will continue to strive.

To be continued…Happy holidays!

Sincerely,

Mike

If you like, read our prior annual summaries: 2020, 2021, 2022, 2023.

We know money doesn’t buy happiness, but it can help others achieve security. If you’d like to immediately support our work by directly making our final affordable home in the Keystone Program even more affordable, please consider donating HERE.