UNPA has designed the Homebuyers Assistance Program as an incentive to attract buyers to the University Neighborhood and to financially assist families or individuals who are interested in buying a home in the UNPA Target Area.
The program has been in place since 1991. In those years, UNPA has provided assistance to more than 500 homebuyers with grants and loans totaling more than $1.2 million. Just think of this assistance as a "gift from Mom and Dad" toward the purchase of a one-, two- or three-family house to remain or become an owner-occupied home within the UNPA Target Area.
An "approved applicant" is one who buys property with the UNPA Target Area and plans to own and occupy it, and one who is eligible for a legitimate mortgage. There are no income restrictions. Approval is also based on the availability of funds.
The funding UNPA "grants" is legally recorded as a "10-year term zero interest loan" or "lien" or "second mortgage" that has a "due-on-sale" or "recapture agreement".
So, yes, you will need to pay UNPA back if you sell, rent or vacate the property before the required 10-year owner-occupancy term. Within the first 5 years, the funds must be repaid 100%. From Years 6 through 10, the amount of the payback decreases 20% a year until Year 10 when it is completely forgiven.
Once you find a property located within the UNPA Target Area, please contact UNPA. You will be instructed to submit an application, a signed copy of the accepted contract/purchase offer, your Good Faith Estimate and a mortgage commitment letter or "pre-approval letter".
The process can take as little as 48 hours once UNPA receives all of the required "paperwork". A letter will then be mailed to you with instructions for your attorney to submit additional "paperwork" within five days prior to closing. Your attorney will also be instructed to notify UNPA's attorney of date, time and location of the closing. Your legal transaction with UNPA and receipt of funds can occur only at closing.
The UNPA Target Area is bordered by Comstock Avenue on the West, East Colvin Street on the South, East Genesee Street on the North, and Cumberland Avenue on the East.
An approved applicant also receives an additional $150 to apply toward attorney fees accrued during closing.
In 1993, Syracuse University and the City of Syracuse entered into an agreement (Ordinance 553) requiring the University to pay a fee of $250,000 annually to fund services addressing students' impact on neighborhoods southeast of the SU Campus (Special Neighborhood District) increasing each year with the Consumer Price Index. By 2013, SU will have contributed over $6.5 million.
City Ordinances 553 and 554 established both the Service Agreement and the rules regarding distribution of these monies. In 1993, the Service Agreement was officially signed, requiring an annual payment described above for the purposes of maintaining the "health, safety and welfare of the Special Neighborhood District such as police and fire protection, code enforcement, neighborhood organization support, and park and public area improvements." The signed ordinances also established UNSAAC (University Neighborhood Service Agreement Advisory Committee) to oversee distribution of funds. The purpose UNSAAC is to solicit proposals from non-profit agencies in the special neighborhood district located southeast of the University and to allocate money based on the guidelines of the ordinance.
Your University Neighborhood Home Improvement Loan is an affordable way to quickly access the money you need to make exterior home renovations and repairs — even if you have built little or no equity in your home.
This loan program offers you:
You are eligible for this program if you own and occupy a property in the boundaries of the UNPA Target Area.
Eligible participants must also be current on their property taxes and water bills.
Apply today by filling out the attached application.
The process can start in as little as 24 hours, if you make sure to also include the following documentation:
Home HeadQuarters, Inc. can provide home improvement loan inspection services for UNPA Home Improvement Loan customers. Inspection services conducted by trained inspection staff can include the following:
Fee for Inspection Service: $300 (Can be financed within loan)
Right of Refusal: UNPA Home Improvement Loan customers can waive this service prior to loan closing.
Mail, drop off, email, or fax your application to:
Home HeadQuarters, Inc.
990 James Street, Syracuse NY 13203
Fax: (315) 474-0637, Phone: (315) 474-1939
Email: info@homehq.org
Yes, the Rescue a Rental / Make a House Your Home Programs. This is an incentive program for owner-occupant buyers who want to purchase and transform rental properties within the designated Program Area. See attached brochure for more information and map of Program Area.