Purchasing a Home

How It Works

The Kingston City Land Bank is just one of many actors within our community working to produce affordable housing opportunities. Our work relies on close collaboration with both the private and public sector; as well as the generous support of individual donors and funders.

Questions about the process?

Please review our FAQ and review the our Public Information Session slides and video below!


Affordable-Homeownership-Opportunity-Info-Session: View Presentation

Sesion Informativa para la Compra de vivienda Asequible: View Presentation

 

Affordable Homeownership Opportunity Info Session: View Presentation

Sesion Informativa para la Compra de vivienda Asequible: View Presentation

 

 

Timeline

family iconFamilies register

paperwork coming out of envelope iconPathStone sends intake packet to families after KCLB registration

paperwork with pen and check mark iconFamilies complete PathStone’s intake packet

check mark iconPathStone reviews intake packets and contacts families that qualify for lottery

home lottery "tickets" iconKCLB conducts its lottery

paperwork with dollar sign iconSelected buyers move on to contract and mortgage process

home iconFamilies move in on completion of contract and mortgage process

FAQs

What is the process for purchasing these homes?

To begin the process, please complete KCLB Home Purchase Program Interest Form here. Should the preliminary information you provided meet the Program’s requirements, a Homeownership Specialist from our Program Partners (PathStone of Newburgh) will contact you to continue the qualification process.

This form can be filled out at any time, not only during a campaign.

Interest Forms must be submitted by the campaign deadline, which is different for each campaign. Sign up for our mailing list to become aware of our campaigns!

How were the home prices set?

We are selling our homes for less than half of what it costs us to build them. The proceeds from the sales of these homes will help us to fund the work we plan to undertake for our future plans to serve even more families.

How were the household size limits set?

We’ve received several inquiries about why 1- and 2- person households are not eligible for the homes we are currently marketing. Given the limited number of homes we are offered to rehab, the organization’s interesting in providing housing opportunities to as many people as possible without overcrowding, and the restrictions of our funding sources to conduct this work, we must set a minimum occupancy requirement of 1 person per bedroom and a maximum occupancy requirement of 2 persons per bedroom. We recognize this does not meet the need for all households or incomes, but we see our work as part of the spectrum of housing solutions offered in Kingston. In the future, we hope the City of Kingston will offer us studio, 1-, or 2-bedroom homes that we can then market to 1- and 2-person households.

What do the current renovations being done include? How can I find out more about this property?

Our renovation work includes the complete renovation of the home, including a new kitchen, bathroom, electric, heating and cooling systems. Best efforts have been taken to restore the historic elements of the buildings, including exterior and interior details.

If I’m selected, when can I move in?

If selected, you will then work with our Program Partners to obtain a mortgage to purchase your home. Additional grants, loans and matching savings programs may be available to help you reach this goal. Homes will only be sold after construction is complete and the homes are ready for occupancy, but you must apply now to be considered to purchase them.

What is the definition of household?

Generally, the KCLB’s definition of “household” follows the Federal Government’s definition: the family and live-in aide, if applicable. Our Program Partners are ready, willing and able to provide you with detailed answers to this question and any other qualification questions you may have.

I don’t think I meet the requirements, should I apply anyway?

We encourage all interested parties to apply. The KCLB will be continuing to sell homes in the future, and if you do not qualify to purchase these homes you may qualify for future sales.

Are you determining income limits?

The KCLB uses household-size-adjusted income levels set by The U.S. Department of Housing and Urban Development (HUD). These Area Median Income limits (AMIs) are updated annually by HUD. Homes are available to first-time homebuyers.

During each campaign, the Household size and Income limits to purchase each home can be found on our registration page.

Please note: these are maximum income limits, not minimums! If your household-size-adjusted gross income before taxes and deductions falls well below these limits, we still invite you to apply as you may be eligible for grants, loans or other programs that would allow you to purchase the home.

If I purchase a home well below market rate, are my city taxes based on the purchase price or assessed value?

Your real estate assessment may be based on the cash purchase price of your home. At time of your purchase, your real estate taxes will be based on the assessed value of your home. This value may, and likely will, change over time, so it is wise to keep an eye on this.

After completing the interest form on our website, please speak to your Homeownership Counselor for more information.

How do you determine who gets the opportunity to purchase these houses?

Qualified applicants are selected via public lottery to move forward with obtaining financing to purchase the home.

How is the KCLB’s work funded?

Our program work is funded through the support of generous donors, grants, bank loans and from the proceeds of home sales. We are an independent 501c3 non-profit organization, separate from the City of Kingston.

What is the purpose that the KCLB serves in the City of Kingston?

At this time, the KCLB is focused solely on returning properties to the tax rolls by producing quality, affordable homeownership. The goal of our work at the KCLB includes meeting the unmet needs of our community by targeting the lowest income levels that are not served by pre-existing rental housing programs run by other organizations in the area.