Syracuse, NY— U.S. Rep. John Katko (NY-24) today announced $1,000,000 in federal funds will be distributed to Home HeadQuarters Inc., to provide low-income families in Central New York with the means to become homeowners. Locally, Home HeadQuarters serves as a community development organization and certified Community Development Financial Institution (CDFI) dedicated to creating housing opportunities and providing access to affordable financial services for Central New Yorkers.
The funds are available through the U.S. Treasury Department’s CDFI Fund and administered through the Capital Magnet Fund. The Capital Magnet Fund supports financing for the development or purchase of affordable housing for low-income communities. In Congress, Rep. Katko advocated for increased support for the CDFI Fund, including an increase of $42 million in federal funding in Fiscal Year 2021.
“Today, I’m proud to announce $1 million in federal funds will be distributed to Home HeadQuarters in Syracuse. Locally, Home HeadQuarters does incredible work to provide access to affordable financial services and create economic opportunities for individuals and families from low-income communities,” said Rep. Katko. “With this new award, Home HeadQuarters will provide Down Payment and Closing Cost Assistance to nearly 200 families to purchase their first homes. I’m proud this investment will help more Central New Yorkers realize the American dream of owning a home, empower them to raise their families locally, and contribute to our region’s economy.”
“These vital Capital Magnet Fund dollars will help us to provide almost 200 Central New York families with Down Payment and Closing Cost Assistance to purchase their first homes,” said Home HeadQuarters’ CEO Kerry Quaglia. “Without this investment in low to moderate income homebuyers, more than $16 million dollars of local first mortgage financing might be left on the table. With this assistance, CNY families will be able to build equity, establish family wealth and help rebuild our local communities.”