COMMON WEALTH INC. Nonprofit agency puts millions into housing
By MARALINE KUBIK
VINDICATOR STAFF WRITER
YOUNGSTOWN -- Some $40 million in new investment to develop affordable housing has been pumped into Youngstown, Campbell, East Liverpool and Steubenville since 1996 through Common Wealth Inc., a nonprofit community development agency celebrating its 18th anniversary this month.
Common Wealth officials also said the agency helped develop more than 250 units of affordable housing, including 68 new houses in Campbell.
The nonprofit community development agency also rehabilitated 17 historic worker homes built by The Youngstown Sheet & amp; Tube Co. and built Sycamore Place, a 56-unit apartment complex for senior citizens, both also in Campbell, said Jim Converse, a community development specialist and board member.
In Youngstown, the organization built 10 new houses on the city's north side and 36 more are planned throughout the city's north and east sides, he said.
In addition, Common Wealth built 16 new houses in East Liverpool, and transformed a turn-of-the-century YMCA in Steubenville into a 35-unit apartment complex.
Common Wealth helped found CHOICE, Community Housing Options Involving Cooperative Efforts, which builds and rehabilitates affordable housing in Youngstown, and assists Catholic Charities in developing affordable housing in communities served by the Youngstown Diocese.
In all, Common Wealth has assisted in developing more than 500 affordable housing units, Converse said.
About 70 community members attended the organization's annual meeting and anniversary celebration last week, he continued.
Common Wealth's sister organization, Common Wealth Revolving Load Fund, offers equity and debt financing to development projects and employee-owned enterprises and has a zero-percent default rate.