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RENTAL FINANCING

SYRACUSE LANDLORD PROPERTY IMPROVEMENT LOAN PROGRAM
RENTAL NEXT DOOR PROGRAM | VILLAGE OF SOLVAY

Looking to invest in a rental property, but need help with financing?

 

SYRACUSE LANDLORD PROPERTY IMPROVEMENT LOAN PROGRAM

The Syracuse Landlord Property Improvement Loan Program provides landlords with loans of up to $25,000 per unit for code violations and/or lead remediation improvements. The housing units must be located in the Syracuse Neighborhood Revitalization Strategy Area.

PROGRAM DETAILS

  • Loans of up to $25,000 per unit (including closing costs).
  • The loans currently have a 7.49% fixed interest rate and a 7.49% APR.
  • Loans are 50% pay back and 50% deferred (no payback).
  • Landlords can use own funds to match grant funding.
  • The landlord chooses the contractor (contractor will need proper insurances and certificates).
  • The scope of work for this loan will be determined by the lead risk assessment and code violations.

PROGRAM REQUIREMENTS

  • Must be current on taxes & water bills, or in a payment plan.
  • Property must have 1-4 units.
  • Buildings built before 1978 will require a lead risk assessment and lead clearance.
  • Tenant information is needed for properties NOT located within the Syracuse Neighborhood Revitalization Strategy Areas.

VILLAGE OF SOLVAY INVESTOR IMPROVEMENT LOAN

Map of eligible areas. Click to enlarge!

Home HeadQuarters, in partnership with Onondaga County and Empire State Development , is offering Village of Solvay Investor Owners property improvement loans of up to $15,000 at 5% interest, payable over 7 years. The loans can be used for exterior home improvements only and property owners must be current on their property taxes. This loan is for 1-4 unit dwellings only.

If you're a homeowner in the Village of Solvay, please visit our Improving Your Home page to learn about your low-interest loan opportunities.


RENTAL NEXT DOOR PROGRAM

Home HeadQuarters offers financing to homeowners who want to own or renovate rental property in their neighborhood. The program provides qualified applicants with loans to cover the cost of purchasing a vacant property and/or renovating property into one or more suitable rental units.

PROGRAM DETAILS

  • The program currently offers loan terms of up to 15 years with a fixed 7.49% interest rate.
  • 90% maximum Loan to Value after rehab
  • No PMI/MPI
  • Flexible underwriting

ELIGIBILITY REQUIREMENTS

  • Owner must reside in Onondaga County
  • Owner must demonstrate a good track record of tax payments
  • Property must have a positive cash flow
  • Property must be a 1-4 unit residential property
  • Owner must provide at least 10% equity towards the purchase or rehab
  • Owner needs to submit a redevelopment plan for the property along with price estimates/bids from contractors
 

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