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Troy Land Bank Hosts Ribbon Cutting at 834 River Street

One Community Update
February 27, 2026

Source: troyrecord.com

The Troy Community Land Bank hosted an open house and ribbon cutting to showcase the completion of the rehabilitation of 834 River St., a three-unit affordable housing property that will remain under Land Bank ownership.

The Land Bank invested $350,000 to fully rehabilitate the building, creating three “high-quality” residential units at a cost of less than $140 per square foot. Funding for the project was provided through the New York State Land Bank Initiative, administered by New York State Homes and Community Renewal (HCR).

Statewide, New York has invested more than $160 million in 31 Land Banks to revitalize derelict properties and create affordable housing.

“Thanks to Governor (Kathy) Hochul, New York is investing in Land Banks across New York that are revitalizing derelict properties while providing safe, stable, affordable housing,” New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said in a press release. “With this $350,000 investment from the Land Bank Initiative, this 19th-century rowhouse on River Street can shine once again and provide homes to three families.

“HCR looks forward to continuing to work with the Troy Community Land Bank to revitalize neighborhoods one structure at a time and provide places for city residents to call home.”

Troy Mayor Carmella Mantello expressed her excitement regarding the completion of the project, citing that affordable housing for working families and young professionals is important to city growth.

“We always say we’re a model,” she said. We feel we’re doing it right.
If you look at the pictures before and after, this shift shows what commitment, perseverance, and partnerships can really do for restoration of old buildings, old homes, so they don’t end up getting demoed. It’s all about restoring our older buildings back here in Troy, and this is a great modeling sample.”

The apartment units include renovated bathrooms, two bedrooms, and in-unit washer and dryers, as well as a dishwasher. Land Bank Executive Director Brad Lewis said rent will remain affordable since the Land Bank will retain ownership of the property.

“We’re empowered by our enabling legislation to do (this project), and given my background in properties, I thought it would be a good step moving forward that the Land Bank would own the property and rent it so we can control the property, make sure it doesn’t fall back into disrepair and make sure that the people are taken care of that live here,” he said. “Those sorts of things are priorities to us, and on top of that, we will earn rent, which will help us fix more buildings in the neighborhoods.”

The project is part of the Troy Community Land Bank’s broader effort to return vacant and underutilized properties to productive use. In 2026, the organization is advancing 33 housing projects across the City of Troy, including major rehabilitations, new construction, and owner-occupied housing support, according to a press release.

Council President Sue Steele was also present at the ribbon cutting, and expressed her excitement that the property will soon be inhabited.

“(The Land Bank has) done a terrific job of transforming this to make three wonderful homes for three families,” she said. “The neighbors around here are thrilled about it, because it’s a vacant building that will soon be habitant. We need more affordable housing in Troy, and so this is just one more towards that goal.”

Mantello added that the project is a significant investment not only regarding housing, but also will further other goals for the city, such as incentivizing more businesses to open in the neighborhood.

“In this particular neighborhood, one of our lowest income neighborhoods, (there) is certainly a need for workforce housing, affordable housing, where folks can invest here in North Central and the city,” she said. “It’s a great partnership with HCR, with the Land Bank, and with the neighborhood.”