Creates partnerships between land banks and minority investors
Syracuse Land Bank seeks to partner with minority contractors and real estate investors to apply for NYS Homes and Community Renewal’s Legacy Cities Access program! This program creates partnerships between land banks and minority investors to:
- Help minority developers increase ROI and expand opportunities
- Renovate empty and abandoned buildings while improving our neighborhoods
- Sell high-quality, low-maintenance, ready-to-move homes to first-time minority and low-income homebuyers, helping them grow from home equity.
1. The land bank will sell clusters of distressed vacant real estate to local minority developers. We have identified three clusters for sale with five homes each – click on the links below to see the clusters available. The developer / buyer must reside in Onondaga County; preference is given to buyers residing in the city of Syracuse.
2. The developer will completely renovate the homes and sell them to low-income homebuyers, with preference for first-time minority homebuyers with incomes below 80% of the neighborhood median.
- Construction funding available! Construction funding and grants will be administered by the Community Preservation Corporation. The estimated total renovation costs (including construction, acquisition and software costs) are $ 1-1.3 million per cluster. The developer must show equity at 6.25%. Feel free to contact us with questions about this. If necessary, 2-3 contractors can combine their resources and form an LLC to work in one cluster.
- Developers will receive a 12% commission on the total project budget, and the HCR grant will complement your construction loan and enable developers to complete quality repairs, preserve properties that would not otherwise be financially viable, and provide priority assistance. time to buy homes with affordable, high-quality, low-maintenance homes. For example, you might have a total project cost of $ 210,000, but you sell your home for $ 130,000 using a $ 80,000 grant to fill the gap and earn $ 22,500 in developer fees.
- The land bank will provide technical assistance in project management and grant compliance. You contribute to the construction, and we can help with the rest!