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Middletown CDA closes on renovated two‑family at 54 Washington; $10,000 buyer incentive applied
Summary
The Middletown Community Development Agency reported the completed rehab and sale of a two‑family at 54 Washington Street, noting a $550,000 post‑rehab appraisal, a CDA $10,000 second‑mortgage incentive with a 10‑year occupancy requirement, and use of CDBG funds for stabilization.
The Middletown Community Development Agency on Dec. 2 presented the completed rehabilitation and sale of a two‑family home at 54 Washington Street, describing extensive exterior and interior work and a homeownership incentive tied to long‑term occupancy.
In an executive director report, staff said the property was taken into the CDA’s program in poor condition and underwent a full rehab including new windows, siding, porch and roof, and new interior finishes. “This was 54 Washington Street, when we took it over and before construction,” the executive director said while showing before‑and‑after slides of the property. Board members repeatedly praised the finished work as “beautiful” and “immaculate.”
Staff said the post‑rehab appraisal came in at $550,000 and described the CDA’s approach to pricing after rehab. The transcript records two different selling‑price references (one remark cited $440,000 and later the record referred to $430,000); the executive director also said the CDA applied a $10,000 incentive to the buyer in the form of a second‑mortgage‑style grant with a 10‑year occupancy requirement and a clawback if sold sooner.
The agency reported total rehabilitation costs of roughly $374,000 and said it used Community Development Block Grant (CDBG) funds to stabilize the house for asbestos and mold remediation before full construction. Staff noted the city will receive $32,890 in back taxes from the transaction. The buyer was approved through Pathstone as part of the CDA’s homeownership program, and staff said the household includes a locally employed nurse in the Scotchtown area.
Board members asked confirmatory questions about the property layout; staff said the building contains two separate apartments (three bedrooms on one side, two on the other) with no internal connection between units, plus a small garage and backyard.
The presentation also noted other properties in the CDA portfolio: 1168 Linden was reported completed and being marketed, and 7 Genung is under construction.
The meeting concluded with a vote to approve payments related to 54 Washington and closing costs (see the board’s separate votes summary).
