HUD Secretary's Best in American Living Award Winners 1999

Aim for Ownership

Schenectady, New York

Projected Home Prices: $57,400-$60,900

Median Home Price in the Metropolitan Statistical Area: $85,000

Description: Aim for Ownership is a scattered site project consisting of ten new detached single family homes sold to first-time low-income families.

The Schenectady Public Housing Authority purchased vacant land with HUD assistance. The PHA subcontracted with a private architect to design the homes, and construction contracts were then awarded through the public bid process.

The PHA selected a "Homeownership Coordinator" who marketed the homes and pre-screened potential purchasers. All eligible families, with incomes between 35 percent and 80 percent of the area median income were referred to a not-for-profit agency for pre-purchase counseling. Those selected obtained financing from one of several local banks, which arranged for low downpayments and other special criteria through the Community Reinvestment Act. Additionally, the City offered downpayment and closing cost assistance.

This conversion of vacant lots to new affordable housing provided jobs to local contractors, fulfilled a critical housing need and added to the City's tax base. Areas that were once blighted, unsafe, and deteriorating are now safe, secure, and marketable as a direct result of this collaborative and innovative housing effort.

1999 Awards Winners