Tax credit will let company renovate homes in Warren
WARREN -- Sunshine of Warren/Trumbull Area Inc. will receive $216,000 of federal tax credits for each of the next 10 years.
The money, authorized by the Ohio Department of Development, will allow for the purchase and renovation of up to 20 homes in the city. The project cost is estimated at $2.6 million.
In addition to the tax credits, allocated through the Ohio Housing Finance Agency, the project will also use funds from the city and the state, as well as a first mortgage from a local bank.
"This is only the first step in restoring the North Side of Warren and I am pleased to see the efforts by Sunshine in securing the proper funding to initiate such a project," said state Sen. Tim Ryan of Warren, D-32nd.
Sunshine director Tim Yova and consultant Arnold Clebone worked for the funding, which was awarded to a select number of not-for-profit organizations and corporations. In the past 8 1/2 years, Sunshine has renovated and developed more than 200 housing units for low- and moderate-income people throughout Warren and other parts of Trumbull County.