Syracuse Mayor Stephanie A. Miner joined with Home HeadQuarters Executive Director Kerry Quaglia and M&T Bank Syracuse Regional Division President Allen Naples at a home at 304 Darlington Rd. on Monday to launch a city-wide one percent home improvement loan program.
In her 2010 State of the City Address, Mayor Miner committed to cutting administrative and technical costs from the city s Community Development Block Grant (CDBG) funding by 40 percent and to increase funds allocated to housing rehabilitation and building initiatives from $1.36 million to $2.45 million this year. The expanded city-wide one percent home improvement loan program includes $250,000 of CDBG funding, which will leverage $1.5 million in private capital.
"Our city neighborhoods and their beautiful homes are the lifeblood of our community, Mayor Miner said. "This program represents a partnership that will help provide financing that can help 100 city homeowners invest, not only in the value and appearance of their houses, but in the aesthetic quality of our city.
Home HeadQuarters and M&T expect to be able to assist 100 city homeowners with $10,000 loans for exterior home improvements.
"This is a great example of a public, private, not-for-profit partnership that will have an immediate positive impact on our city neighborhoods, Quaglia said. "I praise Mayor Miner for her leadership in supporting innovative programs such as the city-wide one percent home improvement loan program, that can assist homeowners, increase home values and help stabilize neighborhoods in our city.
"M&T views this as an effective public-private sector partnership and another way we can continue to increase lending and investment in the community, Naples said.
Eligible participants must:
* Own and reside in the home
* Address any code violations first
* Be current on their property taxes and water bills
* Have current homeowners insurance
* Be in a household that falls under 80 percent of the area median income in accordance with federal HUD income limits.
2009-2010 HUD Income Limits
Family Size Median 80 precent
1 $44,600 $35,650
2 $51,000 $40,750
3 $57,300 $45,850
4 $63,700 $50,950
5 $68,800 $55,050
6 $73,900 $59,100
7 $79,000 $63,200
8 $84,100 $67,250
More information about federal income limits is available at homehq.org/homeownership/HUD.html and www.hud.gov.
Applications are available at Home HeadQuarters, 124 E. Jefferson St., or on the Home HeadQuarters web site at.homehq.org.