Anyone with a good idea and financing can make an offer to buy property from the Greater Syracuse Land Bank.
Here’s how to do it:
The Land Bank owns about 900 properties. They are homes, commercial properties and vacant land.
All are available to browse on the Land Bank’s website. That includes properties that are not formally listed for sale.
Properties that are actively listed for sale are under “view all listings.” Most properties have information about the type of work needed to bring the property up to code, including the estimated cost.
The office’s sales staff can show the property, answer questions and help fill out a purchase offer.
Buyers will have to show proof that they have the financing to buy and renovate the property. That can be a bank statement showing cash on hand or pre-approval for a construction loan. Buyers are required to complete renovations within a timeframe, usually about one year.
Home HeadQuarters can help with financing. That agency also offers courses for first-time homebuyers. People who finish the course can qualify for grants or loans to help with down payments and closing costs.
Properties in the Home Ownership Choice Program are for buyers who plan to live in the home as their primary residence or plan to sell to an owner-occupant within a specified time period. Owner-occupants who live on the same block are allowed to buy, renovate and keep property listed in that program as a rental.
The Land Bank has programs to help people buy properties.
Sometimes the Land Bank takes over tax-delinquent properties that have tenants. In some cases, the tenants are offered a month-to-month lease. If the Land Bank intends to sell the property, the occupants will be offered the first opportunity to buy it through the Tenant Homeowner Program.
The Land Bank gives discounts to developers of income-restricted housing. The discount can be in sales price, help with closing costs or a combination.
There is also a 10% discount on the list price for applicants who meet income restrictions and will live in the house for at least five years.
Employees for the city of Syracuse, Syracuse City Schools or Onondaga County can also get a discount of up to $20,000 on residential properties with up to four units in which they intend to live for at least five years. Those properties must be in the city.
Another program allows homeowners to buy a vacant lot next door for a nominal fee, unless the property is being held for new construction. An application for this program is available on their website.
The Land Bank also leases vacant lots to community groups and nonprofits for $1 a year for community gardens.
All purchases must be approved by the board of directors. The Land Bank is a public authority that has more flexibility than city government. It does not have to accept the highest bid, but can consider the community benefit of a project and a developer’s track record.
Many Land Bank rebuilds have been featured on Syracuse.com, including a church to be turned into a multipurpose event center and a Kennedy Street house being renovated by a couple from Alaska.
Find more stories on our Beyond the Front Door page.
For more information, contact the Land Bank at 315-422-2301 or kwright@syracuselandbank.org.
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