Schenectady gets $3M loan for vacant building demolition
SCHENECTADY The City of Schenectady has been approved for a $3 million federal loan to demolish 80 vacant buildings in the city.
The money will come from the Department of Housing and Urban Development. The loan was announced Thursday by Sen. Charles E. Schumer (D-NY).
The funding will allow the city to raze buildings that are considered blights on the community and reduce property values for families living nearby.
The project, in many cases, means new construction will follow.
Schumer said the program requires at least 70 percent of the targeted sites be used for new buildings or in ways that will improve adjacent properties. The final goal will be neighborhood revitalization.
Schenectady officials have identified over 130 buildings that have been abandoned or are in poor condition.