Capital Region Land Bank Approves Four Projects
For Immediate Release
Capital Region Land Bank Approves Four Projects
Schenectady, N.Y., December 20, 2016 — The Capital Region Land Bank met today and approved four projects that will continue neighborhood revitalization efforts in Schenectady County.
Richard Ruzzo, Land Bank Chairman and a member of the Schenectady County Legislature said, “We are excited to continue the work of revitalizing neighborhoods and look forward to these new projects on Elmer Avenue, Eastern Avenue, Pennsylvania Avenue and Nott Street. The Land Bank is dedicated to bringing new investment to Schenectady’s neighborhoods.”
The Land Bank Board approved the sale of a lot at 4 Elmer Avenue. The land will be sold for $1,000 to the owner of 2 Elmer Avenue. The new owner will use the lot for parking and to increase the size of the yard. The Land Bank demolished a blighted building at 4 Elmer Avenue earlier this year.
“One of the Land Bank’s goals is to help property owners in City neighborhoods by removing blighted buildings that negatively impact property values. Once these buildings are down, we are offering the lots to neighbors through our side lot program so that owners can buy adjoining parcels, add green space and increase the value of their homes making our neighborhoods stronger as a result,” Ruzzo said.
The Land Bank Board also agreed to accept title to 906 Pennsylvania Avenue in Mont Pleasant, a four bedroom, 2 bath home. The Land Bank will make repairs to the building and ready it for resale. The Land Bank is receiving title to the property from the National Community Stabilization Trust. Proceeds from the sale will be used to support other Land Bank projects.
The Board will also accept title to 761 Eastern Avenue from the National Community Stabilization Trust. The Land Bank will demolish this building and offer the property as a side lot to neighbors.
The Board approved moving forward with the renovation of 487 Nott Street creating 16 new apartments in a long vacant building on Nott Street that once was a school and was later home to a County Social Services office. The Galesi Group will complete a $2.5 million historic preservation project at this property with the Land Bank committing $300,000 from funding provided by NYS Attorney General Schneiderman. Work on the project is now underway with completion planned in 2017.
The Land Bank Board also approved moving forward with an application for $180,000 in grant funding from the NYS Housing Trust Fund’s Office of Community Renewal. The Land Bank is seeking funding to renovate four homes in Rotterdam Junction. This area was heavily impacted by flooding from Hurricane Irene. The Land bank has already assisted with one demolition in Rotterdam Junction that was later sold as a side lot.
For more information, and to view Land Bank and City-owned properties see: www.capitalregionlandbank.org
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