City of Syracuse • NY • opengov
Loan Closing Attorney - Syracuse Housing Strategies Corporation
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Summary
The Syracuse Housing Strategies Corporation (“SHSC”) invites qualified law firms to submit proposals to provide legal services related to the execution of loan closings for SHSC’s Homeowner Renovation Program. This program will provide loans to eligible homeowners to support renovation and rehabilitation projects on owner-occupied residential properties. SHSC seeks experienced legal counsel to draft, review, and close loan documents; file and record security instruments; and coordinate closing activities with homeowners, SHSC staff, and other parties as necessary.
Full description
The Syracuse Housing Strategies Corporation ("SHSC”) was established pursuant to Sections 402 and 1411 of the Not-For-Profit Corporation Law of the State of New York and authorized by the City of Syracuse Common Council. The Corporation exists as a public instrumentality of, but separate and apart from, the City of Syracuse. The Corporation’s mission is to enable a protected, flexible source of capital to create and preserve safe, affordable, and attractive housing opportunities for current and future City of Syracuse residents. SHSC’s goals and objectives are to: Address housing market & housing affordability outcomes as identified in the Syracuse Housing Study and related plans. Remediate mounting disinvestment and deferred maintenance in the City's housing stock. Provide residents thereof with safe, secure, affordable living conditions. Attract new residents. Promote economic development and enhance the real property tax base in the City. SHSC's new Homeowner Renovation Program (opening March 2026) will provide forgivable and no-interest loans to eligible homeowners to complete approved renovation projects on their homes. Loans will be: Secured by mortgages and subject to compliance with SHSC program requirements. Supplemented by homeowner capital, between 30% and 50% of total project cost. Forgivable on a monthly, pro-rated basis according to the following schedule: Grant amount <$15,000: Forgiveness period 3 years if owner-occupying Grant amount $15,001-$45,000: Forgiveness period 5 years if owner-occupying Grant amount $45,001-$75,000: Forgiveness period 7 years if owner-occupying. Offered as two separate loans if over $75,000, with the amount up to $75,000 provided as a forgivable grant according to the terms above and any amount over $75,000 in the form of a 0% interest loan to be paid back in equal annual installments over 7 years. The Homeowner Renovation Program will open in March of 2026 and continue to approve loans on an ongoing basis.
Attachments
Contact
- Email:
- hgarty@syr.gov
- Phone:
- (315)559-9054
- Title:
- Housing Initiatives Project Manager
- Address:
- [object Object]
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