Purchasing Properties
Troy Community Land Bank – Property Purchase Application Process
The Troy Community Land Bank (TCLB) offers multiple pathways for acquiring properties based on the type of property and the intended use. Our process ensures that every transfer supports our mission to revitalize neighborhoods, return vacant properties to productive use, and increase access to affordable housing.
Step 1: Select and Complete the Correct Application
To begin the purchase process, applicants must submit a complete application package using the appropriate form from our website at the bottom of this page. A complete submission includes the following:
- Document 1: Completed Application Form
- Document 2: Enforcement Disclosure for Application
- Document 4: Standard Property Sale Contract (Sample Form of PSA with Regulatory Agreement and Mortgage)
- Application Fee: $30
- Background Check Fee: $30 per individual listed on behalf of any purchasing entity
- Deposit: 5% of the purchase price (submitted by separate check)
All applications include predefined Land Bank requirements such as income or rent restrictions based on AMI, level-of-finish guidelines, and compliance measures. These terms are clearly stated in each form and are not negotiable.
Step 2: A&D Committee Review
Submitted applications are reviewed by the Land Bank’s Acquisition & Disposition (A&D) Committee. The committee evaluates the applicant’s capacity, financial readiness, and alignment with community goals. Applications may be returned for clarification or additional detail. This committee meets the first Monday of the month and the meeting is live streamed. https://www.youtube.com/@TroyCommunityLandBank-ED
Step 3: Board of Directors Approval
If the A&D Committee recommends approval, the application advances to the full Board of Directors for a final vote. The board reviews the proposed use and formally approves the property transfer. This full board meets the third Wednesday of the month and the meeting is live streamed. https://www.youtube.com/@TroyCommunityLandBank-ED
Step 4: Contract Execution
Upon Board approval, the Land Bank executes a property sale contract incorporating all required terms. The buyer is then expected to complete the project in accordance with the agreed-upon timeline and standards.
