Thursday, February 8, 2018

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State buys distressed mortgages in high foreclosure communities

ALBANY – The state’s Community Restoration Fund has purchased mortgages in an effort to bring owners in targeted communities out of foreclosure and keep the homes from being abandoned.

The latest effort to buy 172 mortgages brings the total investment through the fund to $10 million, which has leverages over $111 million in private funds and enabled the purchase of 570 distressed mortgages to date.

The mortgage purchase program is designed to prevent the spread of so-called zombie properties – those that fall into disrepair when abandoned.

Since the program was launched by the state in 2017, mortgages on 132 homes were purchased in the Mid-Hudson Valley. (See complete list.)

In the latest round of state funding:

  • Dutchess County had 20 eligible homes with the largest number – four – in Poughkeepsie.
  • Orange County, 40 homes were eligible with the largest number – five – in each community of Monroe, Newburgh, Middletown and New Windsor.
  • Putnam County had 11 homes with the largest number – four – in Mahopac.
  • Rockland County had 26 residences with the most – four – in Spring Valley.
  • Sullivan County, five homes were eligible with the largest number – two – in Summitville.
  • Ulster County, there were nine homes with the most in one community – three – in Pine Bush.
  • Westchester County, 21 mortgages were purchased, with the most – six – in Mount Vernon.

Through the fund, the state “is delivering relief and support to hundreds of New York homeowners, helping ensure our communities continue to achieve economic success,” said RuthAnne Visnauskas, state commissioner of Homes and Community Renewal.

 


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