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Geddes Federal Savings & Loan Association invests $1M in Home HeadQuarters loan program

By Eric Reinhardt

Date:

SOLVAY, N.Y. — Geddes Federal Savings & Loan Association has invested $1 million into a Home HeadQuarters, Inc. loan program.

The FlexFund home-improvement loan program offers homeowners “flexible” underwriting requirements, Home HeadQuarters said in a news release issued Tuesday.

The “flexible” underwriting requirements target those who may otherwise not be able to borrow from traditional lenders, providing the ability to make needed home repairs.

Geddes Home HeadQuarters
Geddes Federal Savings & Loan Association has invested $1 million into the FlexFund home-improvement loan program at Syracuse–based Home HeadQuarters, Inc. Pictured (from left to right) are Kelley Guyder, lending manager at Home HeadQuarters; Kerry Quaglia, CEO, Home HeadQuarters, Inc.; Brian DuMond, president & CEO of Geddes Federal Savings & Loan Association; and Laurie O’Hara, VP & secretary of Geddes Federal Savings & Loan Association. (Photo provided by Home HeadQuarters, Inc.)

Those targeted may not be able to borrow from traditional lenders “due to a lack of equity or falling below bank-credit standards,” Home HeadQuarters said.

Home HeadQuarters, Inc., a non-profit neighborhood and community development organization that provides home ownership and home improvement opportunities to Central New York families.

“Geddes Federal Savings & Loan’s $1 million investment in Home HeadQuarters is truly an investment in Central New York homeowners,” Kerry Quaglia, CEO, Home HeadQuarters. “These funds provide a much-needed infusion of home improvement capital in our community.”

“We are pleased to support Home HeadQuarters’ FlexFund home-improvement loan program and the additional opportunities it will provide members of our community,” Brian DuMond, president & CEO of Geddes Federal Savings & Loan Association, said in the news releae.

Since 1996, Syracuse–based Home HeadQuarters has provided more than $93 million in home-improvement financing to Central New York homeowners, the nonprofit said.

The organization is the “leading lender” to families looking to repair their homes in the city of Syracuse and provides 65 percent of all lending activity to families of color, “out lending all other financial institutions combined,” according to the news release.

 

Contact Reinhardt at ereinhardt@cnybj.com

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