Anyone use the Syracuse Landlord Property Improvement Loan?

[Justin Ward]

Yesterday while at a local REI group meet up, one of the guys was talking about finding The Syracuse Landlord Property Improvement Loan Program. (https://www.homehq.org/renovating-rental-property)
He hadn't used it before, but it struck my interest, so I thought I'd see if anyone on Bigger Pockets has any experience with it. If you have I'd love to hear what you thought about the process, and whether it was worth it. Or, if you decided it wasn't worth doing I'd love to hear what you didn't like. Feel free to comment with your opinions on the program even if you don't have experience with it.  
For those who don't want to follow the link, here are the details given:

SYRACUSE LANDLORD PROPERTY IMPROVEMENT LOAN PROGRAM

The Syracuse Landlord Property Improvement Loan Program provides landlords with loans of up to $25,000 per unit for code violations and/or lead remediation improvements. The housing units must be located in the .

PROGRAM DETAILS

• Loans of up to $25,000 per unit (including closing costs).
• The loans currently have a 6.99% fixed interest rate and a 6.99% APR.
• Loans are 50% pay back and 50% deferred (no payback).
• Landlords can use own funds to match grant funding.
• The landlord chooses the contractor (contractor will need proper insurances and certificates).
• The scope of work for this loan will be determined by the lead risk assessment and code violations.

PROGRAM REQUIREMENTS

• Must be current on taxes & water bills, or in a payment plan.
• Property must have 1-4 units.
• Buildings built before 1978 will require a lead risk assessment and lead clearance.
• Tenant information is needed for properties NOT located within the Syracuse Neighborhood Revitalization Strategy Areas.

[Brian Murphy]

No personal experience with this program. My best advice is to call and talk to someone at Home Headquarters. Tell them your background, general gross income, and ask them how many landlords have they approved for this loan. From previous experience on a different program offered through HHQ, there are great incentives to get the loan, however, qualification is the same as any other loan. If you're a full time landlord, chances are you're not showing enough income to qualify. If you have other full time income, it can be excellent loan program to acquire property.