HUD Secretary's Award for Excellence - 2006

Description: A community of partners that included local and state governments, residents, and nonprofit organizations developed the Vale Housing Revitalization Project in Schenectady, New York. Their plan to improve homeownership opportunities in a physically blighted neighborhood led to the gut-rehabilitation of three properties for large families who needed four or more bedrooms. A unique strategy of converting older 2-unit homes into one single-family home proved to be feasible and cost effective. All three homes, once renovated, were sold to families with incomes below 80 percent of the area median income. These homebuyers received assistance through counseling on how to purchase and maintain a home, closing costs and downpayment assistance, and access to affordable lending products.