| Home Equity Protection Program (HEP)
This ground-breaking, first-of-its-kind program provides existing and
potential city homeowners with the security of knowing that their investment
in the City of Syracuse is financially protected in the event that home
prices decline in their neighborhood. The pilot program, developed to give homeowners confidence in
Syracuse neighborhoods while protecting one of their largest assets, has
protected more than $2 million in property to date. |
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The program is administered by Equity HeadQuarters, Inc., a not-for-profit
subsidiary of Home HeadQuarters, Inc. (www.equityhq.org) (315) 474-0749.
Revolving Loan Fund (RLF)
The SNI Revolving Loan Fund (RLF) is a major financing vehicle for not-for-profit community projects and for individuals purchasing homes renovated through the initiative. The RLF improves neighborhood revitalization efforts and financing options for low- to mid-income homebuyers by:
- Easing cash flow problems caused by the unpredictable timing of public sector funds
- Helping not-for-profit developers purchase buildings targeted by residents for SNI priority action
- Providing down payment and closing cost assistance and second mortgages for low- and moderate-income homebuyers
- Providing a source of home improvement financing for low- and moderate-income families.
Whether used to assist an individual or a community organization, RLF funds will be paid back by the recipients, ensuring that this fund will benefit the community in years to come.
It fills the gap between public dollars and private bank investment that can hold up projects. Staff work with SNI development Committee and others to help leverage those dollars. The purpose of RLF financing is not to replace private investment, but to serve as a catalyst for private market development.
SNI Grant Program
As part of the Initiative mission to revitalize urban neighborhoods, the SNI Trust Fund Grant Program was established to assist with improvement projects that will provide positive visual impacts on areas that are strategically located and/or that build off of existing strengths or planned investments. The grants are intended primarily for items such as signage or beautification projects.
Grants are available through each of the eight TNT sector groups in the amount of $2,500 in total, per sector. Funds will be granted as matching grants on a dollar-for-dollar basis.
Home Improvement Loans
SNI Trust Fund Home Improvement Loans provide affordable financing for middle-income, owner-occupants within the city of Syracuse.
Syracuse Neighborhood Initiative Phase V
North Side Programs
Owner-Occupant Home Improvement Loan Program: The Home Improvement Loan program provides loan funds to assist owner-occupants in the North Side SNI V area with major home improvements. There are no income requirements associated with this program—any owner-occupant in the targeted neighborhood may apply.
Applicants may apply for a loan of up to $10,000. A sliding scale determined the amount that must be repaid. The term of the loan can be up to 7 years. You must live in the home for the entire term of the loan. For more information click here.
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