SYRACUSE — Home HeadQuarters, Inc. on June 1 announced that Geddes Federal Savings & Loan recently made the inaugural investment of $1 million into the organization’s Enterprise fund.
Home HeadQuarters is a Syracuse–based nonprofit neighborhood and community-development organization that provides home ownership and home-improvement opportunities for Central New York families.
The organization created the fund to address health and safety issues in affordable housing, such as lead exposure, energy improvements, and accessibility. The $1 million investment provides Geddes Federal with an investment credit under the federal Community Reinvestment Act.
Home HeadQuarters’ Enterprise Fund is considered an “EQ2” investment, or equity-like investment, as the nonprofit is a designated Community Development Financial Institution (CDFI). Home HeadQuarters will retain Geddes Federal’s investment for 10 years and pay a quarterly dividend to the local financial institution.
“Geddes Federal Savings & Loan’s $1 million investment will have a major impact on the quality and availability of affordable and safe housing in Central New York,” Kerry Quaglia, CEO of Home HeadQuarters, contended. “Geddes Federal certainly didn’t let the pandemic keep them from stepping up for the community.”
“We are thrilled to continue our support of Home HeadQuarters and to play a lead role in the Enterprise Fund for affordable housing development in our community,” Brian DuMond, president & CEO of Geddes Federal Savings & Loan Association, said. “Now more than ever, all of us need to do our part in making sure CNY families have access to safe, affordable homes.”
Since 1996, Home HeadQuarters says it has redeveloped more than 800 formerly vacant properties, creating almost 4,000 first-time homeowners and delivering almost $94 million in community development financing to local families.
Home HeadQuarters said it developed the Enterprise Fund in response to the “overwhelming need for flexible financing in the affordable housing market to address CNY’s aging housing stock, diminishing and overly restrictive public investment and high construction costs.”
Geddes Federal Savings & Loan Association, founded in 1949, has its main office located in Westvale Plaza in the town of Geddes and a branch office located in Limestone Commons in the village of Manlius.