Ribbon Cutting Scheduled Next Week for Peekskill Victorian

Editor's Note: The following release was submitted by Community Capital New York. 

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On April 2, Community Capital New York, one of the largest nonprofit microfinance agencies working in seven Hudson Valley counties, and Peekskill Mayor Mary Foster will cut the ribbon on a late 1800s Victorian home rehabbed back to its 'Painted Lady' splendor.

It is one of 12 attainable homes renovated as part of Westchester County’s Neighborhood Stabilization Program. A happy new first-time home buyer, who would not have been able to afford to live in Westchester or own a home, will move in later this month.

The event event is scheduled to take place insidethe home, located at 122 Nelson Ave., on April 2. The event begins at 8 a.m. 

"The county has a strong record when it comes to fair and affordable housing, which comes in all shapes and sizes," said County Executive Robert P. Astorino. "This home proves that point. We are proud to have helped restore this Victorian home to its grandeur and put it back in the hands of a family who will make it a home. "

“Attainable housing is one of the most daunting economic and social challenges in our region,” notes Community Capital New York’s Executive Director Kim Jacobs. “Despite access to New York financial markets, exceptional universities and transportation and communication systems, Westchester is losing its workforce. Young people are unable to return to the communities where they grew up because they can’t afford housing as entry level workers. Retirees who are now in a position to give back find they can’t afford to live enjoyable lives here. Nurses, police and firefighters are forced into long, protracted commutes. Community Capital NY is working with the Neighborhood Stabilization Program and is making strides in addressing the issue.”

This Peekskill residence is one of 12 homes rehabbed as part of the New York State Neighborhood Stabilization Program (NYSNSP), a program made available under the Housing and Economic Recovery Act of 2008 to address the increased number of foreclosures around the country. The County received funding under the NYSNSP program and was awarded $6.68 million for the purchase and redevelopment of existing vacant and abandoned homes, with an emphasis on 2-4 family buildings.

Twelve homes were purchased in the County’s areas with the highest risk of abandonment in the Cities of Yonkers, Mount Vernon and Peekskill. Rehabilitation and sale of these homes to income eligible owners will continue during program year 2013, and NYSNSP funds that are recouped from the sale of these properties will be used to purchase and redevelop additional vacant and/or abandoned housing units.  The county is moving into the second phase, with two new properties purchase for renovation, one in Peekskill and one in Tarrytown. This program will end in 2013.

For the painted Victorian, adjacent to Peekskill’s historic district, in phase one of the County’s NYSNSP initiative, Chris Colby of Spire Architecture & Design selected six historically appropriate colors for the age and period of the home, built between 1838 and 1901, to accentuate the architectural details of the house. Spindles, fascia and spires were highlighted in keeping with the period’s architectural palette.

Community Capital New York has leveraged the investment of more than $341 million in Hudson Valley communities, providing funding for more than 2,100 attainable homes, creating more than 1,000 jobs and generating $10 million in tax revenues for the region on an annual basis.

Community Capital New York serves as an economic catalyst, providing alternative financing that transforms and strengthens the prosperity of communities in seven counties in the Hudson Valley, and the lives of the people within them.

Community Capital New York, a not-for-profit alternative lender, is a critical resource for community and economic development. We provide underserved communities and individuals with responsible and affordable small business, child care, energy efficiency and attainable housing loans that foster opportunity, change lives and create impact. We align capital and pragmatic idealism with social and economic justice, economically empowering those not well served by the market economy.

Seventy-five percent of Community Capital’s loans are to women and minorities. Community Capital NY works outside the margins of conventional finance to create a more inclusionary economy for individuals and communities.