Lending

Ranked as the top home improvement lender in the country last year amongst the 240+ NeighborWorks America network members, Home HeadQuarters continued to get stimulus and other COVID-related funding out the door while expanding equitable access to its lending capital throughout Upstate New York.  More than $16 million in community development lending reached primarily low to moderate income, minority homeowners and first-time homebuyers last year throughout the region. Syracuse homebuyers took advantage of more than $9.1 million in first mortgage financing while 176 buyers received Down Payment and Closing Cost Assistance. Almost 600 homeowners made improvements to their homes last year with Home HeadQuarters home improvement financing, grants or some combination of the both and nearly $1.5 million was borrowed by landlords to purchase and improve local rental properties, many from the Greater Syracuse Area Land Bank. HHQ is also proud to continue our partnership with the Central New York Community Foundation and the Mother Cabrini Health Foundation to remove lead hazards from affordable rental housing in Syracuse by replacing windows and doors with deteriorating lead paint. We have recently finalized a new year of funding, and since May 2020 have invested more than $225,000 replacing windows and doors in 54 rental units.

Home HeadQuarters brought its flexible lending capital to the Albany market this past year at the request of the Albany County Land Bank who had interested property buyers who couldn’t find financing at local lending institutions. One Albany County Land Bank homebuyer applied to more than five local lenders before getting approved for HHQ’s vacant property purchase and rehab financing. Other New York State Land Banks are hoping to partner with HHQ to replicate the Albany County program to better serve their own homebuyers.

After years of planning, a Buffalo and Erie County Loan Fund for both homeowners and “Mom & Pop” landlords was launched with partners from the New York State Attorney’s Office, Erie County Department of Social Services, the City of Buffalo, the Buffalo Urban Renewal Agency, the Buffalo Poverty Task Force and the Community Foundation for Greater Buffalo. The City of Elmira Home Improvement Loan & Grant program also got off the ground with interested homeowners and small, local landlords calling with interest before the program officially got under way.