By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-987113.mp3
Albany, NY – Albany Mayor Jerry Jennings today announced a new program aimed at encouraging new home buyers in the City... WAMC's Dave Lucas was there for the announcement and files this report.
At a time when the national real estate market is shakey, Mayor Jennings believes that home ownership and owner-occupied homes have proven to be a stabilizing force in neighborhoods.
Mayor Jennings today announced a new program aimed at encouraging new home buyers in the City of Albany. The Mayor was joined by The College of Saint Rose, Albany Medical Center, and the University at Albany, local employers who are offering special incentives to their employees who will live in the employer's surrounding neighborhoods in the City of Albany.
There are no income or geographic restrictions: buyers who have been approved by any accredited lender for their primary mortgage can purchase a home selling for up to $200,000 anywhere in the city.
The Mayor was joined by representatives from The College of Saint Rose, Albany Medical Center, and the University at Albany, local employers who are offering special incentives to their employees who agree to purchase and live in homes in the employer's surrounding neighborhoods in the City of Albany.
The College of Saint Rose portion of the Choose Albany program offers their employees a $7,500 forgivable loan toward down payment and closing costs plus a $2,500 grant for eligible home improvements.
"Choose Albany for Home Ownership is a hallmark of the College's mission and founding values of engagement with our city. Home ownership is such a vital guarantor of neighborhood stability, particularly when you can work, live, shop and enjoy cultural events all within walking distance. It's what makes Pine Hills a wonderful place to live, and I hope this program will encourage our employees to choose this neighborhood as their 'hometown,'" said Saint Rose President R. Mark Sullivan.
The Albany Medical Center portion of the Choose Albany program offers their employees a $5,000 forgivable loan toward down payment and closing costs within their targeted boundaries.
"Albany Medical Center is pleased to once again partner with the City of Albany to help promote homeownership among Medical Center employees" said James Barba, President and Chief Executive Officer of Albany Medical Center. "Being the largest private employer in the City of Albany we are proud to step up to be a partner in this program and we look forward to other private employers doing the same. We encourage our employees to live in the neighborhoods they serve and this program is another great way to achieve that and help support our great Albany neighborhoods."
The participation of UAlbany, through the University at Albany Foundation, in the Choose Albany program, offers employees a $5,000 - $6,000 grant toward down payment and closing costs within its targeted boundaries.
The Capital District Transportation Authority has announced it will pledge one bus pass per household to each new homebuyer that utilizes the Choose Albany Citywide Loan. CDTA spokesman Carm Basile says the home purchased must be within 0.5 miles of a transit stop in order to qualify.
As a part of his announcement Mayor Jennings is challenging area lenders to take part in his initiative by offering an added incentive to participating homebuyers. He didn't let a reporter's question about property taxes dampen his enthusisam, pledging the city will work with school districts to ensure fair property taxes are levied.
The Mayor points out that the Choose Albany program is a pilot program: funds are on a first come first serve basis. The overall program aims to assist as many as 70 new homeowners and may increase as additional employers or other participants get on board.