Schenectady City Owned Properties

[Joshua Tobin]

Has anyone on BP purchased a Schenectady City owned property? If so can you reach out to me? 

[Stephanie Medellin]

@Joshua Tobin  The use agreement for investors does not have the 5 year owner occupancy requirement.  It says that you have to keep the property on the tax rolls for at least 5 years, so it cannot be used for any non-profit purposes that would allow a tax exemption.  

The main difference I see with the investor use agreement is less time to renovate the property.  They want the property repaired within 6 months, and if you don't follow through, they have paperwork already signed and on file allowing the property ownership to automatically revert back to the city.  

Considering the condition of many of these properties (they need a complete gut renovation) you definitely need to be prepared to get started working right away with your plumbing and electrical contractors lined up.  You won't be able to pull a general building permit to even get started with demo until your plumbing and electric permits are pulled by a licensed tradesperson.