Friday, the Community Loan Fund of the Capital Region closed on a loan that will provide more affordable housing for families in need.
The loan, totaling $61,500 was to the Albany Community Land Trust to purchase and renovate a two-family home located at 270 Orange Street in Albany. The property was purchased by ACLT from the Albany County Land Bank, and will be held as a rental property for individuals and/or families of low-income.
In an effort to keep housing affordable for low-income families, ACLT has been acquiring, renovating, and reselling homes since 1987. “Albany’s real estate market is leaving low-income families behind. Few can afford to own homes; most must rent. Due to demands rents are increasing. Low-income families are displaced and forced to compete for a shrinking supply of affordable housing,” explains Sue Cotner, Executive Director for Albany Community Land Trust.
ACLT brings a much-needed, long-term perspective to Albany’s affordable housing efforts. In addition to helping families enjoy the benefits of homeownership today, ACLT aims to build a community controlled base for affordable housing in the future.
ACLT is a returning Community Loan Fund borrower. Since 1989, the Community Loan Fund has made 49 loans to ACLT which assisted in the creation of 54 units of affordable housing in Albany.