EXPANSION OF SUCCESSFUL SYRACUSE NEIGHBORHOOD INITIATIVE LOAN PROGRAM IN VALLEY NEIGHBORHOOD

(Syracuse, N.Y.)- Congressman Jim Walsh and Mayor Matthew J. Driscoll today announced an expansion of the existing Valley Neighborhood 1% home improvement loan program to now include the Northeast Valley.  Currently the existing program target area covers the South Valley and Northwest Valley areas. The loan program provides homeowners with a low 1% interest loan, made possible with an interest rate buydown through federal SNI funding, for exterior home improvements.  The loan target area was expanded in response to resident comments.

“The interest rate buydown programs visibly demonstrate the impact SNI has on our city and is one of the best ways for SNI to help the most people,” said Congressman Walsh. “The 1% home improvement loans were so popular in Eastwood, Strathmore and the Court-Woodlawn areas, that I am thrilled that we are extending them to the entire Valley.”

“These 1% loans are an increasingly popular way for Syracuse homeowners to make improvements to what is their largest single investment,” said Mayor Matthew J. Driscoll. “These loans are one of the best ways for us to leverage more private investment in wide sections of the city.”  

Thanks to federal funding secured by Congressman Walsh, the interest rate for these targeted neighborhoods is 1% for a period up to seven years. The interest rate for a Home HeadQuarters Home Improvement Loan is normally 7.99%.

Loans of up to $10,000 are available for a variety of exterior home repairs. There is a choice of contractors for homeowners and no minimum income requirements. Standard underwriting rules apply and applicants must be current on property taxes and water bills. Eligible homeowners may also qualify for other Home HeadQuarters’ services such as the NYSERDA Home Energy Loan and Grant program.

For more information, Valley neighborhood homeowners can contact Home HeadQuarters at 474-1939 or email info@homehq.org.
 

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