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.
- 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.
- 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.
SYRACUSE LANDLORD WINDOW & DOOR REPLACEMENT PROGRAM
The Syracuse Landlord Window & Door Replacement Program is for rental units located in Census Tracts 23, 54, and 58. Home HeadQuarters will review applications to identify appropriate properties that are in need of window and exterior door replacement due to chipping lead paint. The funding is limited and based on the number of windows, doors and funding available.
- The property owner must agree to retain ownership of the property for at least two years and report on the rental income during the two years.
- Assistance is in the form of a 2-year deferred loan.
- Property owners will sign a Mortgage at closing that must be filed with the Onondaga County Clerk.
- Ownership must be maintained for 2 years following the completion of work, or funds will need to be paid back.
This funding is being deployed by Home HeadQuarters. Funding is provided by the Central New York Community Foundation from the LeadSafeCNY Initiative. Please contact Katie Bronson at (315) 474-1939 | firstname.lastname@example.org if you have any questions.
VILLAGE OF SOLVAY INVESTOR IMPROVEMENT LOAN
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.
- 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
- 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