Concord Redevelopment
Assemblywoman Aileen Gunther –
Revitalizing our economy

Creating jobs and revitalizing our economy

Assemblywoman Gunther understands that the economy is headed in the wrong direction. That’s why she authored legislation facilitating a $1 billion investment in the development of a major resort and video lottery terminal gaming facility at the former site of the Concord Hotel. The project will include a new hotel, convention center, racino, retail space, parking garage and at least one 18-hole golf course. The legislation, soon to be signed by Governor Paterson, will provide for:

  • 2,000 new, good-paying jobs for local residents

  • Over $38 million annually for education in New York State

  • Increased tourism, resulting in further investment in the area’s local economy

Offering mortgage assistance and holding mortgage lenders accountable

Assemblywoman Gunther fought to pass legislation – soon to become law – addressing New York’s subprime lending crisis and offering assistance to homeowners overwhelmed by their mortgages (A.10817-A). The agreement helps current homeowners by:

  • Providing a 90-day foreclosure notice to alert borrowers that they are in default or foreclosure

  • Establishing Mandatory Settlement Conferences to bring a lender together with the party in default or foreclosure

The agreement also establishes protections for future homeowners by:

  • Enacting a subprime mortgage lending statute requiring lenders to consider borrowers’ abilities to repay the loan

  • Cracking down on lender scams and setting standards for home loans that require brokers to act in the best interests of borrowers

  • Requiring registration of all businesses servicing mortgage loans

  • Establishing the crime of residential mortgage fraud

  • Allotting $25 million for legal representation and mediation for lending victims

“The Concord initiative will have a positive impact on the economic vitality of our local community, the entire Mid-Hudson Region and all of New York State”
Assemblywoman Aileen Gunther 18 Anawana Lake Road • Monticello, NY 12701
845-794-5807 •