City authorizes sale of first Restore NY home
NORWICH – The City of Norwich Common Council Tuesday unanimously authorized the sale of one of the three Restore NY homes.
The house on 23 Grove Ave., located in the city’s 5th Ward, will be sold for $106,000.
Buyer Amy S. Doliver of Norwich was approved and recommended by a review committee made up of local housing and banking officials.
A final purchase contract and deed still have to be drawn up and approved, said City Finance Director William J. Roberts. Closing is expected to occur in the next five to six weeks.
The two remaining houses, at 52 Fair St. and 7 Waite St., are tentatively priced at $107,653 and $99,579. The prices were set at level that would be affordable and still allow the city to break even on its investment, officials say.
As part of the Restore NY program, purchasers must be first time home buyers and meet moderate income requirements. So far there have only been two official applicants.
It cost roughly $613,000 to construct all three homes. That includes the amount spent on demolishing the vacant properties they replaced. Restore NY funding accounted for $300,000 of the total.
The three new houses, constructed with state and city dollars, replaced what had been blighted properties.
Construction of the homes began in late June. The Grove Ave. property is scheduled to be finished by the end of this month. The other two homes are expected to be finished several weeks after.
Each home is roughly 1,700 square feet, will have three bedrooms, two-and-a-half baths, and be equipped with high efficiency appliances, heat and windows.
“It’s a nice looking house and it was well done,” said 5th Ward Alderman Paul J. Laughlin. “I think it means a lot to the neighborhood.”
Laughlin is pleased with the results of Restore NY, but questioned its impact and other programs like it on the state budget.
“Overall I think it’s a good program,” said Laughlin. “It goes on all over the state, so I can see how the state is so far in debt.”
The house on 23 Grove Ave., located in the city’s 5th Ward, will be sold for $106,000.
Buyer Amy S. Doliver of Norwich was approved and recommended by a review committee made up of local housing and banking officials.
A final purchase contract and deed still have to be drawn up and approved, said City Finance Director William J. Roberts. Closing is expected to occur in the next five to six weeks.
The two remaining houses, at 52 Fair St. and 7 Waite St., are tentatively priced at $107,653 and $99,579. The prices were set at level that would be affordable and still allow the city to break even on its investment, officials say.
As part of the Restore NY program, purchasers must be first time home buyers and meet moderate income requirements. So far there have only been two official applicants.
It cost roughly $613,000 to construct all three homes. That includes the amount spent on demolishing the vacant properties they replaced. Restore NY funding accounted for $300,000 of the total.
The three new houses, constructed with state and city dollars, replaced what had been blighted properties.
Construction of the homes began in late June. The Grove Ave. property is scheduled to be finished by the end of this month. The other two homes are expected to be finished several weeks after.
Each home is roughly 1,700 square feet, will have three bedrooms, two-and-a-half baths, and be equipped with high efficiency appliances, heat and windows.
“It’s a nice looking house and it was well done,” said 5th Ward Alderman Paul J. Laughlin. “I think it means a lot to the neighborhood.”
Laughlin is pleased with the results of Restore NY, but questioned its impact and other programs like it on the state budget.
“Overall I think it’s a good program,” said Laughlin. “It goes on all over the state, so I can see how the state is so far in debt.”
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