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1 Thank you for your interest in purchasing a property from the Albany County Land Bank Corporation. The Albany County Land Bank is an organization committed to improving neighborhoods and has a responsibility to improve Land Bank properties for future use and return them to the tax rolls. It is important that your application is complete and that you understand the requirements associated with Land Bank properties. Please read this application carefully and acknowledge each of the items below. Our staff is available to assist with this application. Should you have any question, please do not hesitate to contact us at I understand that back taxes, outstanding code violations or unresolved foreclosures would mean that my application or purchase cannot proceed until such time as those issues are resolved. I understand that all Land Bank properties are sold in as is condition and no warranties are made regarding property condition. I understand that there are certain additional closing costs associated with the purchase of a Land Bank property that may include, but not be limited to: Attorney s fees Deed and document preparation Recording fees Past due water bills Title searches Abstracts Surveys Title insurance Inspections, reports or testing requested by the buyer and approved by the Land Bank I understand the aforementioned fees, taxes, and other costs of closing will be included on a statement of sale for my review prior to closing. The projected fees, taxes and other closing costs are good faith estimates and are subject to change at closing. I understand that, if approved for purchase, I have three business days from the signing of the sales contract to review it with an attorney and to seek attorney approval. If I do not notify the Land Bank that I do not have an attorney, or my attorney does not approve the contract within three business days, I waive that contract contingency and the contract will be deemed approved. CONTINUED ON THE FOLLOWING PAGE

2 I understand that the Albany County Land Bank Corporation as required by law and/or contract may transfer the property with certain deed restrictions or requirements if applicable. This may include, but is not limited to: Restriction where the property shall serve residents with incomes of 100% AMI in Albany County or less (as defined by HUD) for a period of 5 years. Generally this would occur when certain types of funding (e.g. grant funds) are invested in a property to facilitate the return of the property back into active use. The Board of Directors, however, may add this restriction to any Land Bank property if they determine it is in the best interest of the development of the property. Example: An investor or owner occupant purchases a property that has received stabilization funds from the Land Bank and plans to complete the rehab for rentals or use a portion of the building for rentals. The rentals may be required to serve occupants with income levels of 100% or below of the Albany County Area Median Income (AMI) which, as of June 2016 is $82,700. Restriction requiring the buyer to get written consent from the Land Bank for a sale or transfer during a term of 5 years from the date of closing. Example: A developer that intends to purchase, rehabilitate and resell a property would be required to have the prospective buyer submit an application to the Land Bank for approval so that the Land Bank can ensure that they meet the application criteria for being a responsible property owner. Enforcement mortgage requiring the buyer to comply with certain project timelines, generally as presented by the applicant in their application or as defined by the Board of Directors. Example: An applicant states that they plan to have at least a portion of the building up and running within 12 months. The plan and timeline will be included in the closing documents. This ensures that properties are not purchased for speculative purposes and that properties will be returned to active use in a timely manner. Requirement that certain properties be merged with property already owned by the applicant or multiple Land Bank properties are required to be merged. Example: An approved applicant who purchases a side lot under the Land Bank s Side-Lot Policy would be required to merge that lot with the property that they already own. Merging lots helps retain the lot as a side lot in the future, can bring non-conforming lots into conformance and consolidates tax and water bills for the owner. Requirement for reporting if the application included some activity or program that was part of the rationale for approval. Example: An applicant that is proposing to provide job training for local residents as part of their project. The board may request a report or series of reports regarding the outcomes of that training program. I have read and understand the information above. Sign Date

3 Property Purchase Application I. Purchaser Name: Physical Address (no P.O. Box): City, State, Zip: Phone: Indicate type of entity (attach a separate sheet with a list of all members, partners and shareholders): Corporation Incorporated in what state: Date incorporated: Authorized to do business in New York State? Partnership Indicate type of partnership: Number of general partners: Number of limited partners: Not-for-Profit Incorporated in what state? Date incorporated: Limited Liability Company Formed in what state: Date formed: Authorized to do business in New York State? Sole Proprietorship Name of Sole Proprietor: Individual Person Nonprofits and Corporations, attach Articles of Incorporation. LLCs, attach Articles of Organization. This applies to all members, partners and shareholders Do you own any other properties in Albany County? (attach a list with address, property type and year acquired) Do you have a personal or professional relationship with the Albany County Land Bank Corporation, any of its directors, or employees? Are there any outstanding judgments against you? Have you filed for bankruptcy within the past 7 years? Are you party to a lawsuit? Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment? Have you owned property foreclosed on for tax-delinquency? Have you or a relative member previously owned the property for which you are applying? Have you been prohibited from participating in the Albany County auction or other tax foreclosed auctions? Are you tax delinquent or mortgage delinquent? If you answered yes to any of these questions, attach an explanation.

4 II. Property List the address(es) of the property(ies) you are interested in purchasing and the intended use Property Address Intended Use Proposed Purchase Price If there are more than four properties, attach a list III. Re/Development Plan I plan to do the following (check all that apply): Redevelop Renovate Demolish/Deconstruct Occupy/Operate As-Is New Construction Does this re/development plan comply with the current zoning for the local municipality? (If the redevelopment plan does not comply with current zoning or land use laws additional approvals may be required) Redevelopment Plan: Attach detailed work specifications and an itemized budget for all work to be completed. If proposing new construction, include schematic drawings. Include a brief description of the project, whether the applicant will undertake certain portions of the project or hire contractors, and an estimated timeline for completion. IV. Management Plan How will you manage and maintain the property. Occupy this property as my primary residence Occupy this property with my own business Operate this property as a rental Redevelop and re-sell to an owner occupant Redevelop and re-sell Management Plan: If the applicant plans to manage the property as a rental, attach a monthly income and expense budget for the property and a narrative description of your marketing plan, management procedures, standard lease agreement, and anticipated market served. V. Financial Ability to Maintain Property 1. All applicants need to provide documentation of current income. Acceptable forms include a W2 or three recent pay stubs. 2. On a separate sheet of paper, provide an estimate of anticipated mortgage, taxes, insurance, and maintenance costs. 3. In addition, attach proof of financing available to complete the work proposed in the redevelopment plan listed above. Acceptable forms of proof of financing include: Bank statement Loan Pre-Qualification Letter, Letter of Credit Grant Award/Funding Commitment Letter, or Proof of existing funds.

5 VI. Applicants Experience/Qualifications Attach a narrative description of your experience completing similar development or renovation projects, your qualifications or training to complete the project, and/or your plan to engage qualified individuals to complete the project. If you plan to occupy the home yourself, have you owned a home before? If you plan to manage as a landlord you must be located in Albany County or an adjacent county or you must have a local property manager. Property Manager's Name: Phone number: Do you have a real estate agent representing you? If so, please provide their contact information. Real Estate Agent s Name: Phone number: VII. Attachments (see previous page for description of each attachment) Submit a complete application. Remember to include all applicable attachments: Description of applicant's experience/qualifications to complete the proposed project List of other properties owned in Albany County Redevelopment Plan Financial Ability to Maintain Properties Management Plan (for rentals) or Evidence of Financial Ability to Maintain the Property (home owner) Application fee of $25.00 payable to: Albany County Land Bank ( we only accept checks or money order) Credit Check (form attached) Articles of Incorporation (nonprofits) or Articles of Organization (corporate applicants) Copy of Applicant's Photo ID VIII. Signature The applicant hereby certifies that the statements contained in this application are truthful and complete and agrees to provide further documentation upon request. Attach a copy of the applicant's photo ID. This application does not guarantee transfer of property; all sales subject to approval by the Albany County Land Bank Corporation s Board of Directors. Signature Date Name (print)

6 Credit Check Authorization from Applicant I/we hereby authorize the release of my/our credit information to the Albany County Land Bank Corporation for purposes of obtaining properties from the Albany County Land Bank. Applicant Name 1: Signature: Date: Address: Social Security Number: _ Date of Birth: Applicant Name 2: Signature: Date: Address: Social Security Number: _ Date of Birth:

7 Name Date Proposed Project Costs Project Budget Form Source of Funds Property acquisition cost/ purchase offer $ Construction/Renovation costs Detail work to be done and cost to complete (include materials & labor) $ Total renovation costs $ Bank Name Acct. # Balance Financing: Details of financing, if applicable: Financial Institution Amount of loan $ Terms of loan Interest rate years Loan type (FHA rehabilitation 203k, FNMA HomeStyle Renovation, SONYMA, etc.) Prequalified Yes No Other sources of funds to be used in this transaction (Please be specific): Closing costs: Your attorney fee Deed & document preparation Recording fees Property water bill balance Total closing costs Total project costs: $ varies $ 400 est. $ 350 est. $ amount varies $ $ Expected timeline for completion of project: Please sign: Name Date