Local mayors to discuss help for struggling homeowners - NEWS10 ABC: Albany, New York News, Weather, Sports

Local mayors to discuss help for struggling homeowners

ALBANY, N.Y. - In an effort to help distressed homeowners remain in their homes and to stem the adverse impact that foreclosed homes have have property values, U.S. Housing and Urban Development Deputy Secretary is collaborating with several local mayors Monday.

Albany Mayor Jerry Jennings, Troy Mayor Lou Rosamillia, and Schenectady Mayor Gary McCarthy will all be at the College of Saint Rose to meet with HUD Deputy Secretary Maurice Jones and other local housing counselors, real estate brokers, and housing advocates to find the best way to help distressed homeowners.

Local law makers will discuss the impact foreclosures have not only on homeowners, but on entire neighborhoods and cities. They will try and work toward ways to help people prevent losing their homes.

Also during the conference, they will discuss the broad range of legislative proposals aimed at helping struggling homeowners hit hardest by the housing crisis. As an example, HUD says many families across New York State cannot take advantage of interest rates that are at their lowest since the 30-year mortgage was created.

The meeting is scheduled for 11 a.m. at the College of Saint Rose.