Tuesday, April 15, 2014

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Foreclosed properties come back to life

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Albany/HV: Foreclosed properties come back to life
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ALBANY, N.Y. -- During the height of the housing crisis in 2009, the state created a program to keep foreclosures from ruining neighborhoods. Arbor Hill has a comeback story because of that financial equity, along with some sweat-equity.

Eight foreclosed properties are now 23 apartments for rent.

Mayor Jerry Jennings says Albany was one of the first cities to take advantage of the "Neighborhood Stabilization Program." He says the $4.5 million project is a perfect blueprint for the rest of the state.

Leaders with Albany's Affordable Housing Authority agree.

Some apartments are still available at the Clinton Avenue and Ten Broeck Street properties.

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