Keystone Program: Complete!

February 26, 2026

February 27, 2026

KINGSTON CITY LAND BANK COMPLETES SIX-HOME KEYSTONE PROGRAM, DELIVERING HISTORIC PRICING FOR AFFORDABLE HOMES

The Kingston City Land Bank (KCLB) celebrates the sale of the final 2 homes of the Keystone Program, a 36-month initiative to fully rehabilitate 6 distressed properties and offer the dream of first-time homeownership to households earning at or below 80% of the Area Median Income.

Located at 52 Grand Street and 488 Hasbrouck Avenue, the sale of these homes marks the KCLB’s completion of a program to transform vacant or deteriorated properties acquired from the City of Kingston between 2021 and 2024 into fully renovated, modern, energy-efficient residences. Purchasers for all 6 homes were selected via public lottery.

The sales price of these final homes in the program – $149,995 – is among the most affordable fully-renovated single-family homes available in Kingston for decades.

The KCLB will commemorate the occasion with a ribbon cutting ceremony on February 27, 2026.

Rehabilitation of the first 4 properties in the Keystone Program began in July 2023. Staatsburg-based MWBE-certified Maeda Construction was the general contractor. Poughkeepsie-based Liscum McCormack VanVoorhis served as project architect. Goldstein Hall provided legal counsel, and RUPCO provided homeownership counseling services.

The Keystone Program was financed using American Rescue Plan Act (ARPA) funds awarded by the City of Kingston’s Common Council and Land Bank Initiative (LBI) funds awarded by New York State Homes and Community Renewal’s Housing Trust Fund Corporation (HCR).

“In the city experiencing the steepest decline in affordability in the country, we are humbled to offer these tremendously impactful opportunities for hard-working families” said Mike Gilliard, Executive Director of the Kingston City Land Bank. “Our work under this program was made possible by the City of Kingston Common Council’s vision to award us critical ARPA funds, and by HCR ’s innovative LBI Program, without which most of our work would not continue.”

New York has appropriated more than $150 million so far to support the services and expenses of 31 Land Banks, addressing housing needs throughout the State. This Land Bank Initiative funding has returned over 300 housing units to occupancy through rehabilitation and development, saved over 180 properties for reuse through stabilization interventions, improved community safety by demolishing over 180 blighted properties, and invested in predevelopment studies to prepare over 300 properties for redevelopment.

The KCLB has multiple additional affordable homeownership developments underway which will continue to utilize these critical LBI funds, including new construction single-family homes throughout the City and a new construction multifamily community in Midtown Kingston.

KCLB Board Chair Aron Chilewich said, “This ribbon cutting marks the moment when KCLB’s work acquiring and rehabbing homes becomes a place for a family to put down roots. Affordable homeownership strengthens household stability and helps keep Kingston neighborhoods accessible to local residents. Seeing this home completed and occupied is a reminder of why this work matters and of what’s possible when we commit to returning quality, affordable homes to the community.”

Senator Michelle Hinchey said, “Kingston City Land Bank is making the dream of affordable homeownership possible. It’s incredible to see them use the state funding we fought for to rehabilitate six homes and sell all of them to families who would otherwise be priced out of the market. Thank you to KCLB, Maeda Construction, RUPCO, and everyone involved in helping local families achieve housing stability and build equity through the Keystone Program.”

Assemblymember Sarahana Shrestha said, “The completion and sale of two additional affordable homes in Kingston couldn’t come at a more critical time, when the median sale price for a home went up 81.5% from 2019-2025 in the Hudson Valley, and the average hourly wage for renters in Ulster County was $14.57, half of what’s needed to rent a 1 bedroom apartment. We’re grateful to the land bank and local partners who are working tirelessly to make homes more accessible to those who need them, while we work in the State legislature to enact long-term solutions to address our housing crisis.”

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “HCR’s Land Bank Initiative contributed nearly $3 million as part of the Kingston City Land Bank’s Keystone Program, which revitalized derelict properties while making homeownership possible for six Kingston families. Under Governor Hochul, the initiative is just one part of an expansive plan to tackle the housing crisis in places like the Hudson Valley, where being able to afford a home and build generational wealth has become a challenge for so many individuals and families. Thank you to the Land Bank and city of Kingston for helping us create and preserve affordable housing in every corner of New York State, one home at a time.”

City of Kingston Mayor Steve Noble said, “Congratulations to the Kingston City Land Bank on the completion of six renovations that offer six families in our community the opportunity for affordable homeownership. The City of Kingston was proud to support these efforts with American Rescue Plan Act funding and we are excited to see six more vacant houses become vibrant homes that help revitalize the surrounding neighborhoods.”

Ulster County Executive Jen Metzger said, “Completing the Keystone Program is a major achievement for Kingston and a testament to what’s possible when we invest in long‑term affordability. All six properties were once vacant or deteriorated, and today they are high‑quality, energy‑efficient homes where families can build stability and put down roots. I’m grateful to the Kingston City Land Bank for their commitment to creating real homeownership opportunities for working families, and I want to thank the City of Kingston, New York State Homes and Community Renewal, and all the partners who made it possible. House by house, the program has improved people’s lives and the neighborhood for the better.”

Ward 5 Alder Teryl Mickens said, “The completion of the Keystone Program shows what’s possible when we as a community commit to inclusive housing strategies that treat homeownership as a public good, not a privilege. These homes represent opportunity, dignity, and long-term stability for families who deserve to remain in the communities they help sustain. When our families do better, we do better. I’m thankful for the good work of the Kingston City Land Bank and its partners. They deliver real results at a time when affordability pressures have never been greater.”

Robert J. Drost of Maeda Construction Inc. said, “It is a great privilege to be involved in this process of transforming abandoned buildings into homes for working class families here in the Hudson Valley. Many thanks to Kingston City Landbank for letting us be a part of changing people’s lives for the better!”

Richard Heese of Ulster Savings Bank said, “We were honored to partner with the Keystone Program and Kingston City Land Bank to help make homeownership a reality for these local families. Through our grant and first-time homebuyer mortgage programs, Ulster Savings Bank is committed to building stronger communities and supporting affordable housing in the Hudson Valley. Helping to make homeownership possible for local families is at the heart of our commitment to strengthening our community.”

Brian Hsu of Goldstein Hall PLLC said, “We congratulate our client, KCLB, in continuing their mission to provide safe and affordable housing for the Kingston community, including these six well deserved families.”

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 roll. 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 kclb.org and follow us on Instagram at @KingstonCityLandBank