The City of Syracuse is teaming with Home Headquarters and M&T Bank to provide $1.5 million dollars in loans to about 100 homeowners with an interest rate of just one percent.
The announcement took place at the home of Jeff McQuatters who took advantage of a similar one percent improvement loan through Home Headquarters last year. He used the money for a new roof, windows, front door and furnace. "It's just a wonderful beautiful place to live." McQuatters told CNY Central.
The city was able to secure a $250,000 Community Development Block Grant which Home Headquarters will use to buy down the interest rate on a $1.5 million loan with M&T Bank. The one percent home improvement loans will range up to $10,000 for each property owner and must be used for exterior home improvements.
Home Headquarters Executive Director Kerry Quaglia said, "We have unbelievable demand for our home improvement programs to owner occupants in the City of Syracuse. It's older housing stock, so they need help in doing roofs painting and porch work and programs like this help a lot."
Qualified homeowners must meet certain income limits, below $51,000 for a family of four.
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