By Andrew Hackmack
Gov. David Paterson and Nassau County Executive Tom Suozzi announced the plans at a press conference in Hempstead that was held in front of a foreclosed, boarded up home on Searing Street. "When we look at this house today, it's important to remember that this house was once a home," Hempstead Village Mayor Wayne Hall said. "It's empty now."
Hall went on to describe the negative effect that an abandoned home can have on a neighborhood. Down the block were two other boarded-up homes.
Paterson said that these empty houses often become homes to criminals and drug dealers, and their presence lowers area property values. He said he is hopeful that the grant money - a total of $59 million in New York state - will help alleviate blighted conditions in the middle of neighborhoods.
Additionally, Paterson said, renovating these homes and getting them ready for sale will create jobs. "We're going to need carpenters, plumbers, pipe fitters, people who work in construction," he said.
The county bought six homes from Fannie Mae to begin its program.
Suozzi said that the house on Searing Street will be purchased for about $145,000, renovated for about $70,000 and then sold for less than $200,000. He explained that the buyer will have to demonstrate an ability to pay the mortgage and taxes. "One thing we've learned from this crisis is people have to have the proper income," he said.
Suozzi added that the goal is to buy, renovate and sell 100 foreclosed homes in Nassau County during the next year and a half.
Foreclosure.com lists nearly 1,400 foreclosed homes in Nassau County - 85 in Valley Stream alone. "There are a lot of foreclosed homes that need attention," said Jim Vilardi, president of the Valley Stream-based Bedford Construction Group Inc.
Bedford Construction has been chosen to do the renovations on these home. Vilardi said that the money to buy the homes was raised privately, while the cost of repairs will come out of the $3.1 million grant. He estimated that by privately finan-cing the purchases, the county would be able to fix up three times as many homes. "It will really stretch the public money a lot further," he said.
Vilardi also noted that money would not run out, because as each home is sold, those funds will be reinvested in fixing up other homes. He said the program would increase the amount of affordable housing in Nassau County while reinvigorating neighborhoods and local businesses.
Suozzi said that many of the foreclosures are in clusters, which is what makes the program so important. He pointed to the boarded properties on Searing Street, but then made it clear that they were the exceptions. "Look at the other houses," he said. "There's people living and working. They don't want to see their neighborhood go down."
Comments about this story? AHackmack@liherald.com or (516) 569-4000 ext. 265.
