ALBANY, N.Y. - The Arbor Hill area in Albany is undergoing long-term development, and residents celebrated on Thursday morning with a ribbon-cutting ceremony for the first new houses constructed through an affordable home-ownership program.
Four of ten recently constructed 3-bedroom homes were constructed on once-vacant lots scattered throughout Arbor Hill neighborhoods.
The Stephen and Myers home-ownership program is one of several initiatives stemming from 2003's "Arbor Hill Neighborhood Plan."
The home-ownership program makes the purchase of newly constructed homes affordable, also addressing quality-of-life concerns in the area of Arbor Hill.
Many quality-of-life concerns persist in the Arbor Hill area because of low rates of home-ownership.
The City of Albany is also providing each new home-owner with 15-year incremental tax abatement, an "essential post-purchase assistance" measure, according to the Albany Housing Authority.
During the first years of home-ownership, families are most at risk of default on their mortgage loans.
Albany County also donated tax-foreclosed land, which made the affordable home-ownership project feasible.
"I am proud of the county's role in providing land for this homeownership initiative," said Albany County Executive Daniel McCoy. "Albany County supports our urban centers, and I believe there is no better payback on our investment, than the revitalizing effects brought by increased homeownership."
For more information on the homes created through the program, and for information on the program itself, visit http://www.albanyhousing.org/locations/arborhillandswanstreet.