Troy, N.Y. - Rensselaer Polytechnic Institute's Neighborhood Renewal Initiative has acquired $240,000 in federal funding for quality of life improvements for local homeowners. The money - which will be parceled out as 30 grants of $8,000 each - will be used to remedy code violations and structural problems, improve energy conservation, and address life safety concerns for low-income owner-occupied properties.

The Hillside Homeowner Rehab Program, as it is called, will use Federal Home Loan Bank of New York System funds to help income-qualified homeowners (i.e. residents with incomes below 50 percent of median income) fix up buildings in the neighborhoods directly surrounding Rensselaer. The homes must be located in a target area bounded by Eighth Street to the west, Hoosick Street to the north, the Poestenkill to the south, and 15th Street to the east.

"One of President Shirley Ann Jackson's visions for Rensselaer - through programs like the Neighborhood Renewal Initiative's Hillside Homeowner Rehab Program - was to build ‘Communiversity' partnerships that will boost the quality of life in and around campus," said Barbara L. Nelson, project manager for campus planning and facilities design at Rensselaer, who helped obtain the grants. "The buildings surrounding the university are largely multi-unit, so we expect to directly enhance the living conditions for homeowners as well as for their tenants. We also look forward to seeing improved appearances along our campus gateways, and increased community pride."

The funding for the Hillside Homeowner Rehab Program will be administered by HSBC Bank and the Troy Rehabilitation and Improvement Program (TRIP) NeighborWorks Homeownership Center. TRIP will also provide credit counseling, identify low-interest loan funds, or locate other monetary resources for homeowners, if needed. Troy Architectural Program (TAP) Inc. will manage the projects and verify that work is properly completed.

"The rehabilitation of the homes not only improves the quality of life for these low-income homeowners, but also for Rensselaer's students, faculty, and employees, and all residents of the City of Troy," said Congressman Mike McNulty, D-Green Island. "In fact, these infrastructure improvements contribute significantly to economic development throughout the Capital Region. I applaud Rensselaer's steadfast commitment to community renewal and to the City of Troy. I am also pleased that programs are in place at HSBC and TRIP to ensure that when federal funding is returned to the Capital Region, it is spent wisely, on worthwhile programs such as Rensselaer's Neighborhood Renewal Initiative."

Through the university's Neighborhood Renewal Initiatives, Rensselaer works with several local organizations to raise homeowner occupancy rates in Troy. The Institute has committed $2.3 million in recent years to programs ranging from homeownership grants to roadway improvements, and expects to contribute approximately $45,000 more with the Hillside Homeowner Rehab Program.

"This is just another great outcome of the partnerships between Rensselaer and our community organizations," said Mark Pattison, mayor of Troy. "These funds will directly benefit the neighborhoods around Rensselaer, and help us assure increased homeownership and continued neighborhood revitalization."

Prospective applicants for the funding will be judged on income eligibility, property tax status, and mortgage and insurance records. Grants will then be awarded based on need. If more than $8,000 in funding is required, additional financing will be available through the City of Troy's Revolving Loan Fund.

CONTACTS:
Allison L. Newman, director of community relations at Rensselaer
newmaa3@rpi.edu, (518) 276-8432
Barbara L. Nelson, manager for campus planning and facilities design at Rensselaer
nelsob2@rpi.edu, (518) 276-6041
Michael Wojnar, press secretary for Congressman Mike McNulty
Michael.Wojnar@mail.house.gov, (202) 225-5076
Mark Streb, assistant mayor of Troy
Mark.Streb@TROYNY.ORG, (518) 270-4401

Contact: Caroline Jenkins
Phone: (518) 276-6531
E-mail: N/A