Homes restored on Dubois Street by HOGAR
The objective of this website is to promote the healthy gentrification of Newburgh. By that I mean not to wipe out all the poor but, to achieve a mixture of all classes in this city. We want to attract the kind of people that turn neighborhoods around, not the kind that degrade them and take no pride in them. The goal is to attract artists and the like who have changed neighborhoods such as Williamsburg, Red Hook, and the city across the river Beacon.
In all my search I could not find one page that showed all of the advantages to restoring a home, such as tax incentives. For example, the City of Newburgh’s Preservation brochure states, “New York State now offers a 20% credit (up to a maximum of $25,000) for historically appropriate rehabilitation of certain residential properties. Most but not all properties in the East End Historic District will qualify.” Also, many properties in Newburgh are very cheap (under $60,000). Most have been vandalized and stripped of all plumbing work. Many banks will not give loans for such houses, so realtors have these houses listed as “CASH ONLY.” However, HUD (US Department of Housing and Development) has something called a 203K loan program that “allows homeowners to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements…”
Newburgh has the second largest historical district in New York State. This is only a small sample of the plethora of information available to those interested in restoring a home. I will continue to add positive news and information for those interested in this plight. I will also show case properties for sale weekly.