A Year…

We started this program year laser-focused on our geographic expansion as partners across Upstate New York sought our flexible financing for home improvement loans, purchase/rehab assistance and first mortgages.  Collaborations from Albany to Buffalo and into the Southern Tier had taken root and we now have formalized 7 lending agreements in these expansion areas.  While Home HeadQuarters has always had fantastic lending programs, we often lacked the liquidity to expand those programs beyond our traditional market in Central New York.  That all changed this year as HHQ became a member of the Federal Home Loan Bank of New York.  This access to affordable capital for loan products provided the impetus for us to expand our lending geography more aggressively.

As we expand into other area, we maintain the same commitment to providing loan products to people who have traditionally been excluded from home ownership opportunities and affordable loan products because of discriminatory practices.  We have expanded our work in this area and have started providing loans in excess of traditional loan-to-value ratios in those areas with depressed property values.  These types of policies will go a long way in rectifying traditional injustices in marginalized communities and we will continue and expand these efforts.

The other main priority for this year has been the task of trying to “right the ship” at Syracuse Model Neighborhood Corporation.  We were asked by the SMNC board to get involved as there were extreme challenges with both the organization and the rental inventory.  Financial records had not been maintained for several years, audits were not done, funding was cut off and the rental inventory had gone many years without major capital improvements - resulting in a significant number of code violations and tenant challenges.  All of these existing issues were made even worse by the Pandemic.  I am pleased to say that the staff at HHQ and Opportunity HeadQuarters has made significant progress in all of these areas.  As with any community crisis such as this, we could not have responded alone and we are extremely grateful for the support of the Community Foundation, the Allyn Family Foundation, the Gifford Foundation, the Reisman Foundation and the John Ben Snow Foundation for their financial support and their confidence in HHQ to restore the SMNC inventory into safe, decent affordable housing.

The volume and quality of the work we do at HHQ every day is truly incredible and would not be possible without the tireless efforts of our staff and the guiding hand of our board!  Thanks to all!