Loan to assist rehab three Middletown residences


MIDDLETOWN - 3 residences owned by the Middletown Community Growth Company are set to be rehabilitated via a $364,000 loan assured by the city.

The $364,000 bridge loan towards the CDA will come from Westchester County-based nonprofit Community Capital New york. The loan will go towards do the job on properties at 20 Amchir Ave., six Harrison St. and 182 Cottage St.

The CDA aims to promote property ownership and revitalize neighborhoods by taking in excess of foreclosed homes and selling long-term ownership. Amongst the function necessary is lead paint removal and asbestos eliminated through the roof.

The City of Middletown Prevalent Council accepted the loan Tuesday evening. The city is in the long run guaranteeing the loan, which includes a six % interest rate. The future home owners are selected through the nonprofit and go through education to aid educate them about residence ownership, stated Mayor Joe DeStefano.

The CDA is also wanting to rehab homes at 49 Prince St., 13 Ridge St. and 186 Wickham Ave. It at present owns 14 households.
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