Contrary to what the DV aka SB cheerleader claims about the city being in a renaissance, it is obvious that people are just leaving the city in huge droves, I'll bet that even if that means people lose their house on mortgage or taxes.

The city is so desparate that, even while being terribly in the red, the taxpayers will have to foot the bill to help people buy homes.  I see from this story that a bank is putting up money, I wonder what kind of tax exemptions the bank is getting, but STILL the taxpayers CANNOT AFFORD to pay their own taxes, PLLUS the taxes for the millionaires PLUS giving people money to help buy houses.

The city is in a urgent state of desparation trying to get people to move in to the city.   Such a program proves that no one wants to buy a house in the city.

But with reduced values, low interest, no PMI, perhaps this is the time DV should become an adult and move out on his own like any other adult men his age

Quoted Text

SCHENECTADY — The city and NBT Bank are working together to make home ownership in Schenectady more affordable.

The partnership, announced today, would save low-income, first-time homebuyers thousands of dollars in mortgage down payment, closing and homeowner insurance costs.

As part of this effort, NBT Bank will make $1 million in mortgages available to people with 80 percent median income, which for a family of four totals $60,400 annually.

The bank will provide 30-year mortgages at 0.25 percent below its daily posted rate, which on Wednesday was 4.8 percent; require a 2 percent down payment, rather than the usual 5 percent for conventional mortrgage and 3 percent for a federall guaranteed mortgage; waive the application fee of $200; and not require homeowners to purchase mortgage insurance, which averages $70 per month.

On top of this, the city will contribute $100,000 of its federal HOME Investment Partnership Program toward the partnership. Eligible homeowners can obtain up to 10 percent of the purchase price of the house or $10,000, whichever is less. They can use this toward a down payment or closing costs, which can total more than $4,000.

Quoted from mikechristine1

Contrary to what the DV aka SB cheerleader claims about the city being in a renaissance, it is obvious that people are just leaving the city in huge droves, I'll bet that even if that means people lose their house on mortgage or taxes.

The city is so desparate that, even while being terribly in the red, the taxpayers will have to foot the bill to help people buy homes.  I see from this story that a bank is putting up money, I wonder what kind of tax exemptions the bank is getting, but STILL the taxpayers CANNOT AFFORD to pay their own taxes, PLLUS the taxes for the millionaires PLUS giving people money to help buy houses.

The city is in a urgent state of desparation trying to get people to move in to the city.   Such a program proves that no one wants to buy a house in the city.

But with reduced values, low interest, no PMI, perhaps this is the time DV should become an adult and move out on his own like any other adult men his age

Democratic Voice of Reason is criticized for his overly optimistic view of life in Schenectady but he sounds to me like a man who has been able to make a life in a broke down city.

While the enlightened  folk come to this message board  to discuss how to bring the town back to some former time- the 80 s - 70s or 60's - even the 20s or 30s when you could buy a house for fifteen hundred bucks-

Lets see.. leaving the city in droves  my father and uncles and their friends  did this in the 50's- left Mommy and daddy ( who were all immigrants ) never to return. Who ever is leaving now is LATE .

Ten years ago I had my grandfathers house up for sale on Schenectady st for $ 38,000 after a year we GAVE THE HOUSE AWAY ( yes quit claimed it to the renter )  A house in our family for 85 years- - areviderci

Go for it, everybody. The government will pay your mortgage for you. Wasn't there someone cheerleading that when Obama was running?

Kevin, I'll bet it's rather sad to sell a house in the family so long.  So many happy memories I'm sure.  

Guess the city cheerleader has given up.  Hardly any posting anymore.  Obviously he has realized we are all correct in what we say.  And with those he perhaps tried to brown nose leaving city/county employ, he has no one to praise anymore, won't do him any good.

Hey, Obama's homebuyer credit and low prices and low interest rates didn't entice people to buy in the city, this won't either.

But I must say, the story referenced this median income, I think the median in the city is only $30,000.

Quoted Text

The partnership, announced today, would save low-income, first-time homebuyers thousands of dollars in mortgage down payment, closing and homeowner insurance costs.

A couple months back I was watching a City Council Committees meeting.  At one point in their discussion they mentioned offering more affordable houses to folks. That money was available to do this.

I had to laugh as the meeting continued.  The city already tried that and it had serious flaws..  In fact, I think along with building brand new houses they also utilized Habitat for Humanities.  All well and good.  Sounds like such a fine idea right.  Low income loans the whole shabang.

One city council member then started to bring up the the issue that it is good they can find a way to get funding for the mortgage but can new owners afford paying the taxes?  

What was shocking was the others in the room talked right over them sort of trying to squelch that part of the discussion.  The whole bunch of nitwits went right on their merry way to push to get this program started in our fine city.  

Talk about stupid!.  These are the folks we have for our legislature.  I would put money down that a few have someone they know or even family members that are in the housing construction business.  Why else would they push so hard to get these programs started when no one can afford to live in the house because the taxes are so high.

The city certainly "cannot" offer tax breaks to these new homeowners.  If they gave it to them then what about all the other residents fighting to keep their homes because of the tax issue in the city.

This B$ about getting together with banks to offer low interests rates is just that B$.

The most interesting thing is they will move forward on this and the tax payers will sit on the side knowing there is not one thing they can do to stop it.  Remember somewhere in this story some funding will come from our budget somewhere somehow.

Things are so bad that Better Neighborhoods Inc was begging the DEM rubber stamps on the City Council to increase funding. The person in charge of helping folks with foreclosures is swamped.

     This is what happens when the priority is funding "arts' and not reindustrializing the City. What the City needs is more industrial jobs not more governmental gin mills nor tax exempt art studios where stores used to be. The City is mismanaged and in fiscal free fall. No amount of happy talk from Mercury Morris or Death Ray will change the facts on the ground.

Quoted from Sombody

Democratic Voice of Reason is criticized for his overly optimistic view of life in Schenectady but he sounds to me like a man who has been able to make a life in a broke down city.

You couldn't be more wrong. He's living in Rotterdam and could never afford to pay the outrageous taxes from the DEMS he cheer leads. He prefers that other people pay for the failed experiment in socialism.

Quoted Text

SCHENECTADY — The city and NBT Bank are working together to make home ownership in Schenectady more affordable.

The partnership, announced today, would save low-income, first-time homebuyers thousands of dollars in mortgage down payment, closing and homeowner insurance costs.

As part of this effort, NBT Bank will make $1 million in mortgages available to people with 80 percent median income, which for a family of four totals $60,400 annually.

The bank will provide 30-year mortgages at 0.25 percent below its daily posted rate, which on Wednesday was 4.8 percent; require a 2 percent down payment, rather than the usual 5 percent for conventional mortrgage and 3 percent for a federall guaranteed mortgage; waive the application fee of $200; and not require homeowners to purchase mortgage insurance, which averages $70 per month.

On top of this, the city will contribute $100,000 of its federal HOME Investment Partnership Program toward the partnership. Eligible homeowners can obtain up to 10 percent of the purchase price of the house or $10,000, whichever is less. They can use this toward a down payment or closing costs, which can total more than $4,000.

First.......I could care less what a private bank gives away. It's their money to do with what they please.

Second......I take offense that the city is using the already over burdened taxpayer's money to purchase other people's homes.

Third.........this is yet another example that no one is moving to the city!!! They can't afford them, plus it's a sh!thole!! This is just the same tactics used by the metroplex to lure businesses to the city....on the backs of the taxpayers!!!

Schenectady isn't just desperate.........they are pathetic!!! IMHO

Quoted from bumblethru

Schenectady isn't just desperate.........they are pathetic!!! IMHO

The City has been doing similar failed programs for years. By lower the down to 2% all you are doing is setting up another wave of foreclosure sales. Instead of addressing the main issue-high taxes you get more half baked solutions. Too much City property off the tax rolls+too many Downtown tax giveaways+35 years of DEM City Councils overspending=High foreclosure rate/no interest in City property/absurd taxes for the smaller group that does pay full pop.

once again [no sur[rise there] you have the facts all wrong... the govt isn;t paying your mortgage, just helping with the down payment.. the program is for low income folks and it maxes out every year, which means people are moving into the city.

please remove your collective heads from your collective asses and come up for air...

it is spelled desperate --- like many of your cries for help.

Disparate democraps are desperate for votes.

If so many qualified buyers are moving into the City-{lol}-why the need for this new program? Because there is a glut of properties in every neighborhood that no one wants. This is a way to unload properties on unqualified buyers. The City lacks money to knock down the growing number of eyesores. Instead of lowering down payments to a ridiculous 2% the bank should help the City with funds so some of these fire traps could be razed. BTW-where's the list of eyesores that McCarthy and the other DEM rubber stamps were working on all summer?

Quoted from benny salami

You couldn't be more wrong. He's living in Rotterdam and could never afford to pay the outrageous taxes from the DEMS he cheer leads. He prefers that other people pay for the failed experiment in socialism.

my family has lived in Rotterdam for over 130 years .. so your point is ridiculous

The fact is that while may family has lived in Rotterdam for over a century it has played a major role in the founding of two Catholic churches IN the city of Schenectady .. produced a number of individuals who were public servants or dedicated a great deal of their lives to community service IN the city and the town .. and  we have ALWAYS recognized that the success or failure of the Town of Rotterdam is hinged to the success or failure of the City of Schenectady and the other towns and villages in Schenectady County.

And don't worry, I make more than enough money to pay my taxes and probably yours, too.

I will not apologize for trying to BUILD UP my community rather than tearing it down like most of the posters on this website.   It comes down to this -- if you hate Schenectady or Rotterdam so much -- do us all a favor and leave.     I'd rather have fewer people who ARE WILLING TO WORK TOGETHER to build this place up and promote the MANY good things that we are doing together as a community.

and for the record - MC is just an annoying pest - something that can be cured with a good dose of DDT

Quoted from Smoking Bananas

once again [no sur[rise there] you have the facts all wrong... the govt isn;t paying your mortgage, just helping with the down payment.. the program is for low income folks and it maxes out every year, which means people are moving into the city.

please remove your collective heads from your collective asses and come up for air...

it is spelled desperate --- like many of your cries for help.

and then they leave after they get their tax bill and realize that upstate doesn't afford the services as down state....why? because you cant live
in NYC for less than $250,000 unless you are on the government dole....,,,,It's apples and oranges,,,,I work with ALOT of folks that came
from downstate who find it very disheartening....however, dont think their own money gumbas aren't moving in