Loretta and Scott Monica have always rented. First, individual apartments in Watertown, and then after they married, various rental homes in and around Syracuse. Yesterday, for the first time in their lives, the Monicas became new homeowners. They were able to purchase their home on the City's near North side due in part to a unique grant offered to Syracuse homebuyers through a partnership between housing not-for-profit agency Home HeadQuarters, Inc, and FleetBank. The Monicas became the first customers to take advantage of Fleet Mortgage's New Homeowner Program which offers a grant that provides the premium for a Home Value Protection Plan, a Home HeadQuarters pilot program that protects city homeowners should housing prices drop in their neighborhood.

"We just felt like we were winning something," said Loretta Monica. "We had already taken advantage of my company Rural Metro's employer assisted housing program that gave us a financial incentive since we bought in the city; then we learn that Fleet Mortgage offers down payment help and a grant to fund a Home Value Protection Plan. I just said, 'Where do I sign?'"

Loretta and Scott's new home is located in a neighborhood that they both feel has a solid track record and offers a good elementary school for when they decide to have children. The decision to purchase in the city though, was made easier still for the Monicas with the addition of the Home Value Protection Plan.

"Maybe we will stay in this house forever, but just in case we don't and we choose to sell it in five years or 20 years, it gives us peace of mind to know that our investment is protected," said Mrs. Monica.

Home Value Protection ("HVP") is an innovative product that makes it safer for people to invest in a home located within the City of Syracuse. It guarantees homeowners that if the housing market declines in the zip code where they live, they will be protected for part or all of that loss. By providing this protection, HVP also helps to attract and retain homeowners in neighborhoods where there is a concern that property values might go down.

"HVP is one of the most innovative and creative programs we've observed in Upstate New York and Fleet is very interested in supporting sustainable community initiatives," said John L. Mills, Fleet's Upstate Team Leader for Community Development. "I'm very pleased we've developed a partnership with the Syracuse Neighborhood Initiative and Home HeadQuarters and are able to support this very important program for Syracuse."

For more information about the Home Value Protection Program, or other incentives for city homebuyers, people can call Home HeadQuarters at (315) 474-1939 or FleetBank at (315) 426-4268.