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KeyBank, Schenectady promote rehab effort
Mortgage program meant to attract middle class back into parts of city
By LAUREN STANFORTH Staff writer
Published 12:00 a.m., Wednesday, September 21, 2011

SCHENECTADY -- City officials and KeyBank announced Tuesday a new mortgage program to encourage middle and upper income people to purchase and rehabilitate homes in struggling city neighborhoods.

Called Key to the City, the loan program allows people to add $50,000 to a mortgage to rehab a property, while requiring only a $500 down payment....................>>>>.................>>>>.............Read more: http://www.timesunion.com/loca.....70.php#ixzz1YaIDugrv

And again an example of why businesses and home buyers are not WANTING or LOOKING to move to schenectady. The businesses are lured in with tax exemptions and zero interest loans.........and potential home buyers are being lured in with bank loans so they can fix up the crap.

I believe that something similar was tried a couple of decades ago when the city enticed the down state Guyanese (by the bus loads) to move upstate where they would get homes at low interest rates. They moved here, only to realize how high the taxes are and that there are no jobs to support them. Not to mention a failing school system. Many have returned down state.

If schenectady were such a bombing renaissance and the envy of other municipalities, developers from all over would be rushing here to buy up these dilapidated homes, fix them up and flip them. The truth is....ya can't give a home away in schenectady!!

It doesn't matter how much of a low-interest loan you give the 'middle class' or the $50K to rehab the home. In the end, middle class people cannot afford to pay the City property and school taxes.

Fact of the matter is, the taxes in the City are triple the amount they should be. Even if these "middle class" buyers get a good deal on the home, then fix it up, the re-assessment will double their escrow amount.

Why does McCarthy keep trying to skirt around the real issue of the Schenectady homeowner. The taxes are skyrocketing and he is doing nothing to stop it.

Yeah, OK.

Quoted from rachel72

Why does McCarthy keep trying to skirt around the real issue of the Schenectady homeowner.  

Because Gary McCarthy has run out of options. Stratton, Ray Gillen, Phillip Morris and Susan Savage have dug themselves such a hole that it is impossible to see day light. And McCarthy was and still is a part of that system. He doesn't know anything else.

So voting for Gary McCarth for Mayor would be voting in the same old...same old....He will be like a xerox copy machine!

Quoted from bumblethru

So voting for Gary McCarthy for Mayor would be voting in the same old...same old....He will be like a xerox copy machine!

A xerox copy machine that is broke and should have been thrown in the dump 20 years ago. He keeps cranking out the same bad copies of Savage.

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believe that something similar was tried a couple of decades ago when the city enticed the down state Guyanese (by the bus loads) to move upstate where they would get homes at low interest rates. They moved here, only to realize how high the taxes are and that there are no jobs to support them. Not to mention a failing school system. Many have returned down state.

AHHH YUP......

Another joke from the failed working together morons. Like the rent free businesses that no one wanted. This will only help foreclosure attorneys. Socialism cannot create artificial demand. These DEM "leaders" do everything but something that would work. Slash taxes, layoff Cousin Vinnys, disband DSIC and round up pit bulls and gang members. No wonder there are over 1,200 abandoned properties in the City.

nah,,,,it isn't middle eastern that look for the free sh!t....I've dealt with very very very cheap a$$ europeans.....and I mean penny rubbing, mentally tiring idiots.....(and they had money)...I'd just as soon stuff a banana up their a$$ and
send them packing.....they were like the folks in Greece......if you're at a flea market or garage sale be my guest....but walmart and other mom/pop stores......how irritating.....and you could tell---they would take mom/dad's money too...
just to get government $$

   More Drive thru's?

Quoted from benny salami

Socialism cannot create artificial demand.

This is probably the best way to describe the failed modus operandi of the current City and County "leaders". It's true of the entire Downtown (relocating businesses from City neighborhoods to move to tax exempt locations near Proctors along with generous Plex grants) and allowing better welfare/social service benefits than are available in other parts of NYS.

You can't bring wealth or prosperity into a City when your businesses and non-taxpaying residents are lured here on the government dime. When you give away something, it no longer has a value. The City does have potential and a great opportunity to prosper.

Unfortunately, this current administration has entered into an area of 'businesses growth' for which they have spent hundreds of millions of dollars and have produced NOTHING which has helped taxpayers. It has greased the palms of a connected few - that's it. It's criminal.  

Quoted from rachel72

This is probably the best way to describe the failed modus operandi of the current City and County "leaders". It's true of the entire Downtown (relocating businesses from City neighborhoods to move to tax exempt locations near Proctors along with generous Plex grants) and allowing better welfare/social service benefits than are available in other parts of NYS.

You can't bring wealth or prosperity into a City when your businesses and non-taxpaying residents are lured here on the government dime. When you give away something, it no longer has a value. The City does have potential and a great opportunity to prosper.

Unfortunately, this current administration has entered into an area of 'businesses growth' for which they have spent hundreds of millions of dollars and have produced NOTHING which has helped taxpayers. It has greased the palms of a connected few - that's it. It's criminal.  

Well said.  This is what happens when you move away from Rule of Law into coerced central planning.  The more of a failure central economic planning is, the more centralized control the planners demand.  The more liberty the citizens lose.  It never ends well.

Quoted from rachel72

This is probably the best way to describe the failed modus operandi of the current City and County "leaders". It's true of the entire Downtown (relocating businesses from City neighborhoods to move to tax exempt locations near Proctors along with generous Plex grants) and allowing better welfare/social service benefits than are available in other parts of NYS.

You can't bring wealth or prosperity into a City when your businesses and non-taxpaying residents are lured here on the government dime. When you give away something, it no longer has a value. The City does have potential and a great opportunity to prosper.

Unfortunately, this current administration has entered into an area of 'businesses growth' for which they have spent hundreds of millions of dollars and have produced NOTHING which has helped taxpayers. It has greased the palms of a connected few - that's it. It's criminal.  

The middle class will not return with this tax burden and urban blight. More working together around the edges while refusing to address the rotten core. Crony socialism is thriving in Pit Bull City. Got animal control? Got $3 MILLION in golf course improvements?

jeez give it up, will u,. u r the one who is a broken record.. u cannot say anything without turning it into a screed against the dems.. that is not debate, that is propaganda...