SYRACUSE - Residents in three city neighborhoods can sign up for a 1 percent loan program through the Syracuse Neighborhood Initiative that has proved very successful in several other city neighborhoods.

Home HeadQuarters, which administers the program, will hold separate kickoff meetings in three areas where the low interest loans will be offered. Meetings times and locations are:

• Strathmore, May 10 at 10:30 a.m. at Most Holy Rosary Parish Center
• The Valley, May 31 at 10 a.m. at Clary Middle School
• Court-Woodlawn area, June 14 at 10 a.m. at Grant Middle School

“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 Jim Walsh. “The 1 percent home improvement loans were so overwhelmingly popular in both the University Hill area, and especially Eastwood, that I am thrilled that we are extending them to these city neighborhoods.”

“We have found that leveraging private investment makes these federal dollars go the furthest,” said Mayor Matthew Driscoll. “The 1 percent buydown program has been successful at doing just that.” 

Thanks to federal funding secured by Congressman Walsh, the interest rate for these targeted neighborhoods is one percent for a period up to seven years. The interest rate for a Home HeadQuarters Home Improvement Loan is normally 6.99 percent.

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

At the kickoff meetings, residents can pick up an application and get information on the program.