01/11/1999 AT 12:00 AM EST
President and Hillary Rodham Clinton are moving from one white house to another. The First Couple signed a contract Thursday to buy a $1.7 million three-story wood frame house in the New York City suburb of Chappaqua, providing Mrs. C the residency she needs in order to run for a U.S. Senate seat next year. White House spokesman Joe Lockhart said the Clintons will borrow $1.3 million from Bankers Trust Co. to purchase the five-bedroom house. The loan will be guaranteed in part by Terry McAuliffe, the President's friend and one of his chief fund-raisers.