BNI: Rebuilding Schenectady

This year, with the help of BNI, 40 families in Schenectady achieved the dream of owning their own home. We were able to teach them the process of organizing their finances so that they could confidently go to a lender and apply for a mortgage. We helped them to find homes that were suitable for their families. And we helped many of them financially to make improvements to their homes after the purchase.

As a result of your generosity, our accomplishments for the 2006-07 fiscal year were:

Housing Rehabilitation

12 Units of affordable housing rehabilitated and closed.
16 Additional units were in process at year end.

Homebuyer Education

40 households closed on the purchase of their own home. More than half of these homes had previously been non-owner occupied.
$3,192,344 of private investment in the local real estate market and an additional $218,878 in secondary financing for repairs and DPA/closing cost assistance.
105 prospective homebuyers completed our Home Owner workshops.
284 prospective home buyers received one to one counseling, 39 received counseling to prevent foreclosures, and 7 were helped with reverse mortgage counseling.

Foreclosure Prevention

16 Foreclosures were prevented, reducing property abandonment and the resulting social and human costs of foreclosure.
$480,000 in savings was generated for the FHA and the mortgage industry.

Your assistance in our efforts is vital. We count on your support to help us remain an active part of revitalizing Schenectady neighborhoods.

Please help us continue this important and rewarding work by making your donation here: