AIK Property Group completes the rehabilitation of the second property in a project aimed at transforming nine foreclosed homes into high-quality, affordable housing for Amsterdam residents.
Legacy City Access Program: Building Affordable Futures, Restoring Neighborhoods.
AMSTERDAM, NY – Mayor Michael Cinquanti, joined by New York State Homes and Community Renewal (HCR), The Community Preservation Corporation (CPC), the Capital Region Land Bank (Land Bank), and AIK Property Group (AIK), a local minority and women-owned real estate developer, to announce the completed renovation of the second property out of nine formerly tax-foreclosed properties financed through HCR’s Legacy City ACCESS program.
New York State Homes and Community Renewal’s Legacy City Access Program aims to bring vacant and foreclosed properties back to productive use by transforming them into quality, affordable first time homeownership opportunities. Through this program, AIK has been working closely with local stakeholders to ensure each property meets the highest standards of renovation, quality, and environmental sustainability.
“We are thrilled to complete the renovation of our second property, which will soon provide much-needed affordable housing to a family in Amsterdam,” said Pamela Swanigan, Director of Business Development for AIK Property Group. “Our participation in the Legacy City Access Program is helping us breathe new life into neighborhoods that have long been overlooked. Each completed renovation brings us one step closer to revitalizing these communities and offering safe, affordable homes to those who need them most.”
The renovated property at 10 Brandt Place, underwent significant upgrades, including key improvements such as new roofing, energy-efficient windows, updated plumbing, electrical systems, and more. These improvements ensure that the home is not only modernized but also energy-efficient and sustainable, reducing long-term costs for future residents.
“Each Legacy home that gets completed in our City represents a dream being fulfilled for a first-time homeowner, an easing of an affordable housing shortage for working families and an upgrade to the appearance, quality of life and property values in one of Amsterdam’s inner city neighborhoods” said Mayor Cinquanti.
“It’s exciting to see properties like 10 Brandt Place transformed from vacant eyesores into assets of efficient, sustainable, and affordable housing. Local entrepreneurs like AIK Property Group are the backbone of our communities, and we’re proud to be able to support both their growth and the work they’re doing to revitalize the community and advance the dream of affordable homeownership,” said Lawrence Hammond, Senior Vice President and Director of ACCESS at The Community Preservation Corporation. “My thanks to Pamela Swanigan and the AIK team, to Commissioner Visnauskas and HCR, to Mayor Cinquanti, and to the Capital Region Land Bank for their partnership.”
“We are proud to continue our work to support and revitalize neighborhoods throughout the City of Amsterdam. Home ownership is a cornerstone of wealth creation and strengthens our families and communities ” said Bob DiCaprio, Vice Chair of the Capital Region Land Bank. ”We look forward to participating in more housing projects with AIK Property Group, the City of Amsterdam and CPC.”
“BCNI is proud to be a partner in this project, working with potential homebuyers on housing counseling and financial literacy in their pursuit of the dream of homeownership,” said Matthew Nelson, CEO of BCNI. “This initiative is helping to restore the neighborhoods of the City of Amsterdam home by home, providing long-term safe, decent, and affordable housing for both the homebuyers and their future tenants. We applaud AIK on the ongoing success with this project and congratulate the new owners that will soon call this property and this neighborhood, home.”
This renovation is part of a broader commitment by the City of Amsterdam, NYS HCR, CPC, the Capital Region Land Bank and AIK to restore a total of nine vacant, formerly tax-foreclosed properties over the next year. With each completed renovation, these entities aim to enhance the quality of life for residents while contributing to the overall economic growth and development of the surrounding community.
The Legacy City ACCESS program is available in communities outside of New York City that are addressing blight through redevelopment of municipally-owned property. The program makes up to $200,000 per unit available in cost subsidy for the rehabilitation of assemblages of up to 1-one to three-family buildings as first-time homeownership opportunities.
Legacy Cities ACCESS is a partnership between HCR and CPC, a not-for-profit community development financial institution that focuses on the preservation and creation of affordable and workforce housing. CPC is providing construction financing and technical assistance to the developers through its ACCESS program, an initiative that provides financial resources and capacity-building support to BIPOC real estate entrepreneurs who have historically faced barriers to entry in the development industry.
You can visit the HCR website for more information on the Legacy City Access Program.