Three hundred and fifty homes will be restored and rehabilitated as the result of contracts signed on Friday between local housing groups and the state.
The contracts, which tap $4.7 million in funds made available as the result of Regional Economic Development Council awards from last year, will help leverage additional investments of $6 million and benefit 29 different housing rehabilitation and community development groups.
Locally, Corinth received a combined investment of about $500,000 to work on 36 homes and rental units, Ballston Spa got $289,800 for 21 homes, Saratoga County received $200,000 and Schenectady County received $75,000 to conduct emergency repairs.
Saratoga County Chairman of the Board of Supervisors Thomas N. Wood, III said in a statement, “Saratoga County is pleased to be working with the Capital Region Economic Development Council and New York State Homes and Community Renewal to improve the quality of life for disabled and elderly residents in our communities. We applaud the state’s commitment to these important community development projects.”
Schenectady Chair of the Legislature Judith Dagostino said in a statement, “The Capital Region Economic Development Council has helped us move forward with several key initiatives including the redevelopment of the former ALCO site on the Mohawk River and Schenectady County’s Airport Business Park. The County’s unified economic development team appreciates the vigorous support it’s received from Governor Cuomo and the Capital Region Economic Development Council.”
The local grants will be administered through the New York State Homes and Community Renewal.
Ann Moynihan, president of Documentation Strategies Inc. and Capital Region Economic Development Council member, said this disbursement of funds represents a positive embrace of a community-based approach to economic development. “With development projects like these improving our neighborhoods, we will be better able to encourage private investment and spur economic growth across the region,” she said in a statement.