Syracuse, NY - Home HeadQuarters, Inc., recently announced that Angelica Weathersby will manage the organization's new city-wide Foreclosure Prevention Program. Ms. Weathersby is responsible for debt and budget counseling, as well as working with financial institutions and attorneys to resolve lending issues. Prior to running the Foreclosure Prevention Program, Ms. Weathersby was a Housing Counselor and Loan Specialist.

Sheena Solomon has been promoted to the position of Office Services Coordinator. In this position, Ms. Solomon monitors customer service and office operations. Ms. Solomon previously worked as a Case Manager and Administrative Assistant.

Virginia Smith has also been promoted to the position of Lending Manager and is responsible for monitoring the oversight of all loan pools as well as overseeing the Home Equity Protection Program. Ms. Smith worked previously at Home HeadQuarters as the Equity Protection Coordinator.

Dionne Miller joins Home HeadQuarters as a Housing Counselor and Loan Specialist. In this position, Ms. Miller teaches the Home HeadQuarters Homebuyer Education course and counsels clients on budgeting and credit repair. Ms. Miller worked previously as a Housing Coordinator at Jubilee Homes.

Home HeadQuarters is a not-for-profit organization dedicated to revitalizing and stabilizing neighborhoods in Syracuse and Onondaga County. Established in 1996, Home HeadQuarters offers "one-stop shopping" at its HomeOwnership Center for first-time homebuyers and homeowners who are in need of assistance. Home HeadQuarters provides a variety of services to individuals and families including: certified Homebuyer Education Courses, homeownership and credit counseling, down payment and closing cost assistance, the Home Equity Protection Program, the Home Improvement Loan Program, Syracuse Weed and Seed Community Partnership, the Landlord Training Program and the Opportunity Headquarters Construction Apprentice Program.

Syracuse Financial Institutions Form Unique Partnership to Support Syracuse Neighborhood Initiative Program
April 19, 2004

In an unprecedented alliance, ten Syracuse area banks and credit unions have teamed up to provide more than $2.5 million in home improvement loan financing to the Syracuse community through the Syracuse Neighborhood Initiative (SNI) and local housing non-profit Home HeadQuarters, Inc. The participating institutions, HSBC, BSB Bank & Trust, Fleet Bank, Geddes Federal Savings & Loan, Empire Federal Credit Union, Alliance Bank, Beacon Federal, Power Federal Credit Union, Solvay Bank and Community Bank System, Inc., represent the majority of the primary lenders in the Syracuse area market. This SNI Home Improvement loan pool and operating support from the banks and credit unions to Home HeadQuarters was formally announced, Monday, April 19th.

"This partnership is really the first of its kind in the history of this community," said City of Syracuse Mayor Matthew Driscoll. "To see private sector businesses like banks and credit unions joining together with local non-profit organizations to help secure affordable financing for home improvement in Syracuse is a great accomplishment for our community and its residents."

The low interest home improvement loans is available to city residents who want to make repairs to their homes, but may fall just below bank underwriting standards or have not yet built enough equity in their homes to qualify for home equity loans.

According to Kerry Quaglia, Home HeadQuarters Executive Director, this loan product offers a positive alternative to predatory and sub-prime lending. "This program targets recent homebuyers and those who have been unable to secure traditional bank financing."

Financing for the SNI Home Improvement Loan Program is provided by the banks and credit unions through a capitalized loan pool paid out over three years to Home HeadQuarters who will administer the loans for the Syracuse Neighborhood Initiative. The loan funding will then be paid back to the financial institutions incrementally over a ten-year period.

"The success of the Syracuse Neighborhood Initiative's mini-grant program demonstrates that there is a growing interest by existing homeowners to further their investment in their city properties," said Rep. Jim Walsh. "This effort will make low interest financing available to those with limited funds or equity, enabling them to make desired home improvements both inside and out. We warmly welcome these ten financial institutions to the growing list of full SNI partners."

The need for home repair in Syracuse is great since over half of the homes in the City of Syracuse were constructed prior to 1939 and more than 25 percent of all homes in the city are considered to be substandard structurally, according to Kerry Quaglia. "It is vital to not only the overall well-being of this city to offer residents the needed dollars to repair and renovate their homes, but also to this city's ability to attract and maintain its core population."

"The Syracuse Neighborhood Initiative and Home HeadQuarters are providing us with the necessary means to make this partnership a reality," said Allen Naples, Regional President, HSBC. "By pooling these resources and allowing the non-profit experts in the housing arena to administer the funding, the number of people benefiting and the overall impact to the community will be so much greater than if we all worked individually."

The Syracuse Neighborhood Initiative, a public, private, non-profit collaboration created to help encourage new housing and investment opportunities in the city began through the efforts of Congressman James Walsh. Since SNI's inception, Congressman Walsh has secured more than $40 million in U.S. Department of Housing and Urban Development funding for the effort. Those funds have leveraged more than $35 million in additional private sector monies and garnered $7 million in private pledges for other SNI-related activities including targeted neighborhood curb-appeal grants, the Syracuse Home Equity Protection Plan, other neighborhood and park improvements, new home construction, community center improvements and neighborhood group capacity building. The Syracuse Neighborhood Initiative is currently chaired by Bill Byrne, CEO and President of Byrne Dairy.

Home HeadQuarters is the largest housing and neighborhood revitalization organization in Central New York. Since 1996, Home HeadQuarters has assisted more than 1,400 Syracuse residents with major home repair totaling $17.2 million and provided counseling and/or financial assistance to more than 4000 prospective homebuyers helping to generate more than $56.4 million in home purchase mortgage financing in the Syracuse area.

Residents who are interested in learning more about the Syracuse Neighborhood Initiative Home Repair Loan Program can call Home HeadQuarters at (315) 474-1939.