The city of Albany purchased a large chunk of Albany real estate last week when it paid $282,000 for 15 buildings located primarily in the Arbor Hill section of the city.
The city purchased the properties from St. Joseph's Housing Corp, considered to be one of the city's largest slumlords. The Albany based agency is a non-profit that provides affordable housing to the poor.
The troubled agency has had cash flow problems for some time resulting in major deterioration of the condition of the the properties.
The properties were purchased at a foreclosure auction. The majority of the properties were unoccupied at the time of sale.
The city will have The Albany Community Development Agency assume ownership of the buildings. The plan is to renovate the structures to include a total of approximately 45 apartments units.
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