RPI Buying Real Estate in Foreclosure Bordering Troy Campus
Campus.News is reporting that the Rensselaer is actively attempting to buy residential real estate bordering campus that is in tax foreclosure. According to the article, the intent is to rehabilitate the buildings on these properties into "multi-family homes {to be} sold to qualified homeowners."
The idea is stated as a goal in Section 7 of the Rensselaer Plan: "Redevelop community fabric contiguous to and along gateways to the campus by joining in carefully selected neighborhood renewal, housing, hospitality, and commercial projects with private developers and public agencies."
Neighborhood revitalization projects are difficult because they can tie up a lot of capital if they are not managed properly. But, nothing is as likely to improve the area around campus as much as increasing the percentage of residential properties that are owned by people who live in the neighborhood.