Kingston PILOT Phase 1: Fact Sheet

Historic, acquisition and completed photos of 64 Van Buren, Kingston, NY 12401

The Kingston City Land Bank (KCLB) commenced the first Phase of its 5-home PILOT program in July 2020 with the acquisition of 3 vacant single-family homes: 64 Van Buren Street, 174 Hasbrouck Avenue and 248 Main Street. All were purchased from the City of Kingston for the full value of back taxes, a total amount of $87,121.

Following a public RFP to select General Contractors, rehabilitation of the properties began in February 2021. After investing hundreds of thousands of dollars to produce the most well-designed affordable homes in Kingston, the KCLB offered them for sale for the following subsidized sales prices: $132,211 (64 Van Buren Street), $159,641 (248 Main Street) and $162,519 (174 Hasbrouck Avenue). The homes were offered to the general public and applicants were qualified based on household size and household income.

In August of 2021, the KCLB signed contracts with all 3 selected families to purchase their homes. The families then began the process of working with Ulster Savings Bank to secure their mortgages. Closings have begun this month and we expect all 3 families will be Home for the Holidays!

Highlights:

• All homes were built at a cost of $0 to the Kingston taxpayer. Quite the opposite, in fact: the KCLB paid the City $87,121 to purchase the homes
• The KCLB has not received any subsidies or tax abatements from the City of Kingston or Kingston City School District
• The KCLB does not employ any City of Kingston staff
• Benefits of affordable homeownership: on average, the cost of owning, operating and paying real estate taxes as a KCLB Homeowner is half the current cost these families are paying to rent in Kingston
• The final 2 homes in the PILOT: 149 Greenkill Avenue and 124 Franklin Street, have commenced construction this month. These homes will be fully renovated and sold in 2022.
• The KCLB offers 4 community-driven Program Pathways to return properties back to the City of Kingston’s tax rolls. See: https://kingstoncitylandbank.org/program-pathways/
• We are currently selling 2 “as-is” properties via public RFP and submissions due 12/13. See: https://kingstoncitylandbank.org/opportunities/rfps/
• We are currently seeking 2 new Board members. Submissions are due 12/1. See: https://kingstoncitylandbank.org/2021/10/20/kclb-seeks-new-board-members/
• In 2022 we expect to start rehabbing 5 additional homes using the State’s new Legacy Cities Access Program. This is the first program to offer direct funding to Land Banks for the rehabilitation of affordable homeownership opportunities. Because of the funding offered by this program, we expect the number of homes we can rehab each year to dramatically increase.
• Continuing need: Ulster County’s average home price has risen over 30% since February 2020.
• Quotes from the new homeowners:
  • “I’m very much looking forward to having housing security. We won’t have to move in a year. There won’t be a landlord who wants to sell their house. My kids can grow up in a home. I’ll be able to invest in myself and projects…”
  • “I’m looking forward to independence. Something you own. Planting a garden. To make family memories in something you own vs rent. Also, not paying that high rent.”

KCLB Board members, community residents and KCLB Homeowner at our volunteer landscaping event

One of KCLB’s New Homeowners

174 Hasbrouck Avenue, completed by the Kingston City Land Bank, 2021

248 Main Street, completed by the Kingston City Land Bank, 2021

64 Van Buren Street, completed by the Kingston City Land Bank, 2021

The Kingston City Land Bank (KCLB) is a 501c3 organization that 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.

Media inquiries: secretary@kclb.org

For more information about the KCLB and to join our mailing list for updates, visit kclb.org  and follow us on Instagram at @kingstoncitylandbank
Please consider a tax-deductible donation to the KCLB: https://kingstoncitylandbank.org/donate/