SYRACUSE, N.Y. — Solvay Bank says it’s partnering with Syracuse University on the school’s newly announced “Live Local” initiative to support the City of Syracuse in “stabilizing” neighborhoods in and around the university area.
The “Live Local” program is now available to all Syracuse University regular full-time and part-time faculty and staff, Solvay Bank said.
Those interested can finance up to 100 percent of the price of the home, with Syracuse University serving as guarantor on the mortgage, Solvay Bank said.
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In addition to the mortgage loan, Solvay Bank will offer those employees its “best interest rate” and they’ll be able to forgo additional mortgage insurance.
They will also be eligible to receive a “forgivable” home-improvement loan valued at 10 percent of the purchase price of the home (up to $15,000).
The entire mortgage-loan process will “stay local,” including application, underwriting, processing, and servicing, Solvay Bank noted.
Syracuse University crafted this employee program to help housing in the neighborhoods surrounding campus and to “provide more opportunities for individuals to afford and buy homes,” per the Solvay Bank announcement.
“This is an important investment in our city, our people, our community and our economy,” Cydney Johnson, VP of community engagement and government relations at Syracuse University, said.
Interested participants can visit Solvay Bank or call the Solvay Bank mortgage department at (315) 484-2205 to learn more about the program details.
“We are proud to partner with Syracuse University in an effort to revitalize our downtown neighborhoods and to make more possible for our local community,” Paul Mello, president and CEO at Solvay Bank, said. “We appreciate Syracuse University’s commitment to and ongoing partnership with the city to enhance the area we have lived and served for over 105 years.”
Solvay Bank describes itself as the oldest community bank established in Onondaga County.
