SCHENECTADY, N.Y.—The Federal Department of Housing and Urban Development (HUD) has approved a $3 million loan for the City of Schenectady.
The city will use the loan to raze 75 to 80 homes that are blight on the local community and reduce property values for families still living there.
In total, 130 buildings have been identified and the most cost-effective option is to raise them.
"By removing these blighted homes and reintroducing new properties or revamped spaces that boost the value of their surrounding community, the City of Schenectady can turn over a new leaf and kick start the redevelopment of many of its neighborhoods. Sometimes you need to tear down before you build back stronger; and I look forward to watching that process take place here in Schenectady," said U.S. Senator Charles Schumer.
Out of the $3 million loan, the City of Schenectady proposes the following breakdown of funds:
· $2,460,000 will be used for the acquisition, demolition, rehab, and redevelopment of abandoned and deteriorated structures citywide.
· $500,000 will be used for the rehabilitation of 487 Nott Street into 14 units of rental housing, 8 of which would be affordable housing units.
· $40,000 will go towards the Community Loan Fund of the Capital District, for economic development technical assistance.