Upstate New York CDFI Home HeadQuarters Announces Membership in Federal Home Loan Bank of New York
FHLBNY membership will provide Home HeadQuarters with low-cost capital to increase equitable access to affordable home repair and home purchase financing for Upstate New York families.
August 5, 2021
SYRACUSE, NEW YORK – Syracuse-based, non-profit neighborhood and housing development organization and certified Community Development Financial Institution (CDFI) Home HeadQuarters recently announced its membership in the Federal Home Loan Bank of New York (FHLBNY). As a qualified member, Home HeadQuarters will have access to flexible, low-cost capital that can immediately be reinvested in equity lending programs for Upstate New York families who, for one reason or another, are unable to borrow from traditional lenders. Home HeadQuarters, after passing the rigorous FHLBNY membership process, joins about 340 other member financial institutions including banks, savings and loan associations, credit unions, insurance companies, and other community development financial institutions located in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.
“For 25 years now, Home HeadQuarters has worked to build access to affordable lending capital hoping we can address inequity in the Upstate New York housing market,” said Kerry Quaglia, Chief Executive Officer of Home HeadQuarters. “We’re proud that we are now a member of the Federal Home Loan Bank of New York and know that this important designation will create meaningful opportunities for so many in our community.”
With access to new capital, Home HeadQuarters will expand its first mortgage program for first-time homebuyers who have participated in HomeBuyer Education through its certified NeighborWorks® HomeOwnership Center and are purchasing both traditional properties and vacant Land Bank properties throughout the State. The organization also plans to grow its already extensive home improvement loan programs that provide emergency repair assistance and extensive rehab financing for low- to moderate-income homeowners, new homeowners with no home equity with which to borrow, and those owners who may fall below bank underwriting standards. Bridge financing for local non-profits, minority-owned contracting businesses, and small “mom and pop” landlords are also targeted for expansion.
“At the Federal Home Loan Bank of New York, we know the importance of creating and preserving access to affordable housing for all, and that is why we are proud to welcome Home HeadQuarters to our cooperative,” said José R. González, president and CEO of the FHLBNY. “We are excited to help support Home HeadQuarters’ mission through access to our products and grant programs, benefitting households and communities across Upstate New York.”
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About Home HeadQuarters, Inc.
Home HeadQuarters (HHQ) is a Syracuse, New York-based non-profit neighborhood and housing development organization and certified Community Development Financial Institution that has, since 1996, helped nearly 5,000 families become first-time homebuyers; provided more than 11,000 homeowners with $121 million in home improvement loans and grants; and redeveloped nearly 900 formerly vacant properties. Recognized nationally for its innovative and equitable loan products, Home HeadQuarters is annually recognized as the leading home improvement lender to families of color living in Syracuse, out lending all other financial institutions combined. The organization is the country’s first designated Community Based Development Organization (CBDO) and is a chartered member of NeighborWorks America. HHQ was recently awarded the designation of 2020 Top Home Improvement Lender in the Nation amongst 240+ NeighborWorks America member organizations. Learn more at https://www.homehq.org/
About the FHLBNY
The Federal Home Loan Bank of New York is part of the congressionally chartered, nationwide Federal Home Loan Bank System, which was created in 1932 to provide a flexible credit liquidity source for member community lenders engaged in home mortgage and neighborhood lending. The FHLBNY works to improve the housing and economic opportunities available to families and communities throughout its footprint. Learn more at https://www.fhlbny.com/
Contact: Karen Schroeder
Home HeadQuarters, Inc.
(315) 317-4980 | karens@homehq.org