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Features: Dec. 11, 2001
Rensselaer Launches Homebuyer Incentive
Program
Rensselaer has launched its Homebuyer Incentive
Program, offering $5,000 to qualified homebuyers who purchase
a home in the neighborhoods directly north and south of
campus. The program is part of the university's Neighborhood
Renewal Initiative outlined in the Rensselaer Plan.
Rensselaer has launched its Homebuyer
Incentive Program, offering $5,000 to qualified homebuyers
who purchase a home in the neighborhoods directly north
and south of campus.
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No income limitations are required to apply,
and the applications are not limited to first-time homebuyers.
Buyers, however, must commit to living in the home as their
primary residence for five years. Applicants also must attend
a seminar in homeownership to learn about issues surrounding
maintenance, building codes, insurance, utilities, and budgeting.
Rensselaer community members will get preference
in selection, says Barb Nelson, project manager for campus
planning and facilities design, but the grant is not limited
to Rensselaer staff, students, and faculty.
The university does not have a stock of
buildings to sell. Potential buyers will choose houses for
sale in the targeted areas and then apply for the funds
at the Troy Rehabilitation and Improvement Program (TRIP)
Homeownership Center in downtown Troy. In the collaborative
effort, TRIP will manage the application and approval process.
Rensselaer will also provide legal services for closings.
Rensselaer has committed $50,000 for 10
grants in fiscal year 2002 (July 2001-June 2002) for the
program.
In addition, the Howard and Bush Foundation
recently provided a $25,000 grant to support the university
homebuyer initiative. The foundation aids charitable, educational,
and cultural projects to benefit the residents of Rensselaer
County.
For more information, contact the TRIP Homeownership
Center at 690-0020 or info@triponline.org.
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