It may be that you are not acquainted with the name of Watervliet, if you are not an inhabitant of the United States. Watervliet is a city in Albany County, New York, United States. It is also north of Albany, the capital of the state, and is bordered on the north, west, and south by the town of Colonie. The city is also known as “the Arsenal City.”
What makes Watervliet so special then? Well, the city has brought to the fore (for the first time) a
homebuyers program which destined to assist reduce costs connected with purchasing a home in Watervliet. It is to be noted that the program is operated by the city’s Local Development Corporation in conjunction with the Albany County Housing Trust Fund to help 30 first-time homebuyers of two and three family homes.
Speaking on this innovative approach the city Mayor Mike Manning said, “With this first-time homebuyer program, we will not only be able to offer an incentive for a person or family looking to buy their first home, but also create another reason for families to choose to buy their first home in Watervliet instead of somewhere else.”
It is worthwhile to mention that the aim of this first phase of the first-time homebuyer program is to position property owners in order that they can capitalize on current federal home buyer credits set to expire at the end of April. On the other hand, to qualify for the program, the cost of the two or three family property ought to fall between $70,000 and $160,000. The other conditions include that the property also has to be in move-in condition.
The homeowner would be issued $5,000 with a moribund balance obligation to remain in the property for five years or repay the balance of the grant.
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