Monday, April 21, 2014

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One year for "Key to the City"

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Albany/HV: One year for "Key to the City"
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Organizers of Schenectady's "Key to the City" celebrate their one year anniversary. Since 2012 over 100 homes have been sold in Schenectady through the program. YNN’s Karen Tararache met one resident who says she couldn't have purchased her home without “Key to the City.”

SCHENECTADY, N.Y. -- "Key to the City" is something Mayor Gary McCarthy hopes will revitalize Schenectady's neighborhoods.

"We have sold over a hundred houses through key to the city," he said.

And looking to improve on those already impressive numbers, the Key to the City's new partner, Prospect Mortgage was introduced along with its 203(k) plan.

"What that allows a home buyer to do is come in and buy a house; and at the same time, put in place the permanent financing and all the rehab, that may go along with some of the more challenging properties in our community," explained Mayor McCarthy.

Relocating from Texas and now living in Colonie, Christine Procaro said the 203(k) plan may allow her to move closer to family in Schenectady.

"Especially when you need help with down payment and closing costs, it’s definitely an advantage for someone like myself to go out and purchase within a few months," said Procaro.

Tiffany Monty also felt it was time to own a home after having rented three apartments in the last ten years.

"My mom told me about the ‘Key to the City’ program because I hadn't lived in Schenectady for a few years and I started looking for houses and fell in love with this one," Tiffany said.

She now lives in a 1,300 square foot house with three bedrooms and two bathrooms.

Mayor McCarthy added, "We've had too much of the property that has gone into the hands of absentee landlords. We want people to come here and see the value, buy a house, and be a part of this community."

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