$900,000 to fund new homes Schenectady program builds green homes for low-income families
By LAUREN STANFORTH, Staff writer First published: Friday, August 1, 2008
SCHENECTADY -- The city has received $900,000 in federal funds to continue its quest to build environmentally friendly homes for low-to-moderate income families.
The money, which will be matched over three years by the city, allows Schenectady to build 10 more "green homes" on vacant lots. Many of the single-family homes are located in the Vale neighborhood.
Three homes that kicked off the project have already been built at a cost of $531,435, and the city needed the government funding to continue the project. The Housing Trust Fund Corp. provided $500,000 and $400,000 came from the Affordable Housing Corp.
The homes feature energy-efficient appliances, renewable building materials such as bamboo floors (bamboo is a fast-growing, easily replaceable plant), and building materials are encouraged to come from within a 500-mile radius to cut down on carbon emissions from vehicle use.
Normally, families who qualify for the homes could not afford them. The first three homes cost $177,145 each to be built, but are being sold for between $80,000 to $90,000. The price reduction is possible because the project is government-funded. An individual, while receiving a discount based on their income, must still be able to earn a mortgage on their own. A family of five would qualify to buy one of the green homes if they made $61,000 or less.
Ann Petersen, Schenectady's homeownership coordinator, said the city is also seeking $200,000 more in grant monies to put solar and photovoltaic panels on each home, which would generate energy for water heating and electric. The city did receive a $15,000 state grant to put the panels on the first green home completed on Glendale Avenue.
Ground will be broken on the next five green homes in the spring. The other five will be built after that.
Owners have already been found for the first three green homes built. Petersen said Better Neighborhoods and the Community Land Trust of Schenectady are attempting to line up buyers for the next 10 homes. Those two nonprofits are the actual entities that end up selling the homes.
Could someone do the math for me and tell me where the return is on our tax dollar for these homes?
And if these people are buying $177,000 homes for $80-$90K....is there a clause in their mortgage contract that states that they can not resell it for a specified number of years?
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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