Photo voltaic program might assist improve homeownership in Arbor Hill, West Hill neighborhoods

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Correction: An earlier model of this text incorrectly described how the Albany County Land Financial institution acquires properties. The land financial institution obtains foreclosed, vacant and deserted properties from the county.

Albany

A neighborhood revitalization nonprofit in one in every of Albany’s poorest neighborhoods is relaunching a homebuyer help program that can embody a solar energy element.

the Growth of Arbor Hill Corp. on Tuesday introduced its partnership with a photo voltaic firm referred to as PosiGen to assist homebuyers in Arbor Hill, West Hill and different neighborhoods it makes use of to put in photo voltaic panels on newly bought properties.

The nonprofit, led by Arlene Manner, is launching a brand new House Purchaser’s Help program that can present individuals with assistance on methods to purchase a house. Along with free credit score counseling provided by ClearPoint Credit score Counseling Options, this system can also be in partnership with PosiGen, a photo voltaic installer from New Orleans who has an workplace in Albany.

Kimberly Bovia-Brown, a neighborhood occasions supervisor at PosiGen, mentioned the corporate installs rooftop photo voltaic panel techniques that value clients $ 65 monthly with a 20-year lease. There isn’t any down cost or credit score examine.

“It is a fastened worth for 20 years,” Bovia-Brown mentioned.

Photo voltaic panels, together with the free power effectivity upgrades provided by PosiGen, sometimes cut back a buyer’s electrical energy invoice by $ 120 monthly, leading to a web financial savings of $ 60 monthly or $ 720. per 12 months, in keeping with PosiGen advertising supplies.

Nevertheless, the corporate ensures that the month-to-month financial savings won’t ever be lower than the lease funds.

“We assure that they not less than hit the breakeven level,” she mentioned.

Bovia-Brown mentioned the properties want plenty of daylight and the roofs should be in good restore. In some older properties this could be a downside.

PosiGen is one in every of many photo voltaic firms collaborating in quite a lot of new photo voltaic incentive applications created beneath Gov. Andrew Cuomo$ 1 billion NY-Solar initiative that’s a part of the governor’s renewable power program.

One, referred to as Reasonably priced Photo voltaic, which was launched final 12 months, has $ 13 million in funding out there and was designed to focus on between 2,500 and 4,500 low- and moderate-income households within the State. This system doubles the inducement for residential installations, which vary from 20 cents per watt to 60 cents per watt relying on the area of the state.

Arbor Hill Growth Corp. launched the brand new Homebuyer Help Program after providing none for some time. The group is holding an open home and registration exercise for the brand new program from 3 p.m. to six p.m. Saturday at Arbor Hill /West Hill Library at 148 Henry Johnson Blvd.

Native officers mentioned they hoped the brand new program would assist extra individuals purchase and preserve properties in areas of the town with massive swathes of deserted properties and vacant properties. The Albany County Land Financial institution has acquired a number of of those properties, which are sometimes bought to builders who flip them into rental properties.

However what neighborhoods additionally want are expert dwelling consumers, Sen says. Neil Breslin mentionned.

“We need to bankrupt the land financial institution,” Breslin mentioned.

[email protected] • 518-454-5504 • @larryrulison



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