Real Estate: Whether it

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But foreclosures and vacancies creat all kinds of complications for the businesses and residentesurrounding them. That’s become all too cleatr in areas of the country hardest hit inthe post-subprimes era. “If there’s a foreclosure in a usually they don’t get taken care of, the grasw is overgrown, or the windows get boardes up,” said Miguel Berger, president of , a Loudonville-based real estate agency. Each vacant building weakens others inviting vermin and vandalisk and threateningproperty values. This potentially fosters and spreads blight, which destabilizes neighborhoods and commercial too.
While cities in the Capital Region are not sufferinb as much as other areasz ofthe country, abandoned propertiee and tax foreclosures—what happenss when a city or town takes over a propertyu for back taxes—have long plagued Schenectady and Troy. Stanley manager of Market Blocmk Booksin Troy, said out-of-town customers oftebn wonder why there are so many vacant storefrontas downtown. “They find it sad,” he said. “Even the temporaryu use on Troy Night Out is betterthan nothing.
” Troy Nighyt Out is an event developee by businesspeople, some of whom are artists, to draw people to the The last Friday of each month, art exhibitz and musicians fill empty spaces and stores—as well as existing Other cities in the area have similarr arts nights. “That’s been a great idea,” Hadsello said, “even if they have art something to keep those windowe lookinglike something’s happening in there.” Troy is also attackin the problem of empty buildingw on a municipal front. According to the ’e Web site, the city applied for and receivedr federal funding targeted at theforeclosure crisis.
Schenectady and Albanu have also received funding through this NeighborhoodStabilizationh Program. Albany is currentlyh discussingwhich bank-foreclosed properties are best to buy. “Thd plan now is [to our Community Development Agencyand ... come in and developp them into affordablerental housing, and the othere will be for home ownership,” said Michaep Yevoli, Albany’s commissioner of planninvg and development. January’s announcement by the Albany Romahn Catholic Diocese of plans to close 33 churchex and other worship sites could easily add to the problem of vacant almost like a spateof foreclosures.
However, the Dioces e is working on selling the and community groups are working to help ensurew the churches are safe while notin use—by looking afterf the structures, and reporting problems when they