A unique product specifically designed to protect homeowners against losing their equity in a declining housing market was introduced in Syracuse, New York, in July 2002. The product was developed by NeighborWorks America in cooperation with Yale University’s School of Management and Freddie Mac and will be administered through a subsidiary of Home Headquarters, Inc., a Syracuse-based affiliate of the national NeighborWorks^® network.

NeighborWorks America, which founded and supports the NeighborWorks network, provided financial and in-kind support for the Home Equity Protection (HEP) product, including studies, and product development; as well as capital and operating expenses. Additionally, the Syracuse Neighborhood Initiative, which is leading community revitalization efforts in the city, has received $5 million in federal funding for the product’s initial capital reserve.

Start Here: Program Overviews Below

Learn more about Home Equity Protection by clicking through the tabs above or by viewing these frequently asked questions:

(These files require the Adobe Acrobat Reader for viewing.)

>> Home Equity Protection Program guide [PDF, 130 KB] A comprehensive program operating guide covering an array of topics such as who can qualify for equity protection to what the products cost. Also, learn about the financial and industry partners who support the program and how homeowners are paid.

>> FAQ for Homebuyers and Homeowners in Syracuse, NY [PDF, 85 KB] This is the customer or homebuyer and homeowners guide. Here you will find answers to the most commonly asked questions about how the program works.

If you have specific questions about this community development strategy, contact NeighborWorks America's Northeast district office.

 

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