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Cash offered to home buyers



Published: Thu, February 25, 2010 @ 12:08 a.m.

By David Skolnick

YOUNGSTOWN — An organization focused on stabilizing and revitalizing Youngstown is offering up to $5,000 to those who buy houses in three city neighborhoods the agency is targeting for redevelopment.

The Youngstown Neighborhood Development Corp. has enough money — $5,000 or 10 percent of the purchase price, whichever is less, for 10 to 15 homebuyers who will purchase any house in:

  • The Idora Neighborhood on the South Side on and near Glenwood Avenue and Canfield Road;

  • Crandall Park North on the North Side near the park on and near Belmont Avenue and Gypsy Lane; and

  • Lincoln Park on the East Side on and near Jackson and Shehy streets.

The offer is limited with those processing their applications first receiving the money but is open to anyone regardless of household income, said Presley Gillespie, YNDC’s executive director.

The organization is also offering $10,000 or 20 percent of the purchase price, whichever is less, to those who purchase the six units it plans to rehabilitate into energy-efficient houses in the Idora Neighborhood, he said.

Those who qualify for the $10,000 in financial assistance must earn 50 percent or below the median household income for the area, Gillespie said. The area’s median income for a family of four is about $27,000, he said.

Youngstown has one of the lowest median household incomes in the country.

Both programs through YNDC’s Health Homeownership Program are not limited to first-time homebuyers, but those receiving money must make the house they purchase their primary place of residence for at least three years, Gillespie said. They also must be able to pay at least 3 percent of the purchase price from personal assets.

Also, those who qualify for financial assistance will receive home-ownership training, safety training and assistance with the application process.

“At YNDC, we not only want to create long-term successful home-ownership, but we also want to establish higher standards of home improvement, and thereby create a new image of the neighborhoods as a place where people will choose to live,” Gillespie said.

The YNDC has a $1.6 million operating budget, including $353,000 the city received through the first round of the federal Neighborhood Stabilization Program.

The organization also receives money from the city’s Community Development Block Grant program, the Raymond John Wean Foundation, the U.S. Department of Labor, the JP Morgan Chase Foundation, PNC Bank and the Home Savings and Loan Foundation.

For more information and to apply for the funding, contact the YNDC at (330) 480-0423 by e-mail at info@yndc.org or in person at 201 E. Commerce St., Suite 140, Youngstown 44503.

skolnick@vindy.com


The Youngstown Neighborhood Development Corp. is offering up to $5,000 to those buying houses in the city’s Idora Neighborhood on the South Side, Crandall Park North area on the North Side or Lincoln Park area on the East Side. The agency is also offering up to $10,000 to those who qualify to buy six houses it’s rehabilitating in the Idora Neighborhood. For more information or to apply for funding, contact the YNDC:

By telephone at (330) 480-0423.

By e-mail at info@yndc.org.

In person at YNDC’s office, 201 E. Commerce St., Suite 140, Youngstown 44503.

Source: Youngstown Neighborhood Development Corp.


Comments

1leaveusalone(103 comments)posted 4 years, 6 months ago

Great. Just what these neighborhoods need - more residents who can't afford to live there. If you think it's bad now, just wait until these poor people move in and can't afford the upkeep. If you own a property there now, try to sell it and get out!

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21970mach1(1005 comments)posted 4 years, 6 months ago

How could they not know, or care, that putting more low income people into that area will make the problems worse.

They should offer the money to people who DON'T need the money to move in, or use the money to tear down houses to stabilize the neighborhood.

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3Lovie0520(9 comments)posted 4 years, 6 months ago

Tearing down the houses do not stabilize neighborhoods. Quality housing and jobs do. They are offering regardless of income the financial incentive.

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4ytownismytown(3 comments)posted 4 years, 6 months ago

Just for all of your information - If you've been paying any kind of attention to this group they are trying to help! They put a lot of work & effort into deciding which neighborhoods to choose. The Vindy ran an article about the Idora neighborhood not too long ago: http://www.vindy.com/news/2009/dec/02...
Also - they YNDC people aren't trying to get low income people to move into these neighborhoods!!!
Here's what they ARE doing:
1. Providing people NO MATTER THEIR INCOME with downpayment assistance of 10% or $5,000 to move into the 3 neighborhoods that they are working with.
2. Taking older homes and fixing them up so that they are environmentally friendly & THOSE HOMES are being sold to people with low incomes. But there are only 6 of those kind tho in Idora the article says.
3. Getting rid of crappy looking houses that have no hope and building gardens so that people who live in those neighborhoods can get to fresh fruit and vegetables easier.
I've been following this group because I'm thinking about buying a house, and I really think I might call them.
4. Plus, for both of those programs the person buying the house has to be able to pay 3% of the downpayment from their own $$, so in order to move in you kinda have to have a little money already && really poor people don’t have that kinda money!
Here's some other articles if you ACTUALLY want to know more and not just ppl's negative comments!
http://business-journal.com/clients/b...
http://business-journal.com/clients/b...

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5ytownismytown(3 comments)posted 4 years, 6 months ago

Just saw this so I thought I'd add to what I said above:
"A great many people think they are thinking when they are really just rearranging their prejudices."
-Edward R. Murrow
Ytown could be beautiful again if people would just stop having such a negative bad attitude about the city!!

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61970mach1(1005 comments)posted 4 years, 6 months ago

Tear 'em down.

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7howardinyoungstown(591 comments)posted 4 years, 6 months ago

1970mach1 since you have such a negative attitude, maybe you should leave so you wont have to see or visit here ever again. You won't be missed!

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8atek101(77 comments)posted 4 years, 6 months ago

Well, if I weren't going away to graduate school in a couple of months, I'd certainly be interested in applying for this program. Crandall and Idora offer quality historic houses of various sizes that are in an appealing urban setting near public parks and not too far from Dowtown and YSU.

As someone who lives in a historic neighborhood in Youngstown I can tell you some of these houses need a lot of work, but I wouldn't mind the learning opportunity that home improvement projects can provide.

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9jeratboy(127 comments)posted 4 years, 6 months ago

People keep forgetting that Youngstown has twice as many homes as they need.
If people buy a home and fix it up, it just means another house somewhere else is going to rot. If people in Youngstown get a good job, do you really think that they will buy in Youngstown? How many people that are already in Youngstown would move if they could?

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10atek101(77 comments)posted 4 years, 6 months ago

If I were buy a home in Youngstown and fix it up, it will be the first home I've ever owned. Therefore, that would mean one more house would be occupied than before.
My current apartment will be taken over by a new student in my stead.

This is a great opportunity for first-time home-buyers with decent jobs in the city or for people who are moving back to Youngstown from other areas.

I hope when I move back after grad school, opportunities like this are still available to me.

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11leaveusalone(103 comments)posted 4 years, 6 months ago

ytownismytown: Don't assume that because someone expresses opposition, they don't know what they're talking about. Many of us ARE familiar with this organization, and the cooperating organizations. We are familiar with the neighborhoods, and we have seen what happens when people who cannot afford these homes move in. There is a LOT more to owning a home besides making a down payment, and the monthly mortgage payment. There is maintenance, which on these older houses is SUBSTANTIAL; there are utilities; there are taxes; there is constant replacement of roofs, windows, underground connections to gas and water, etc. The vast majority of people who take advantage of these sorts of programs have little understanding of what they're getting into. And it takes very little time before they're in over their heads. It does not make sense to financially subsidize down payments. It's bad public policy and you'd think that the recent troubles in the mortgage industry, and the huge numbers of foreclosures, brought on by people who bought houses they couldn't afford, would be enough of a warning. But no, not in Youngstown.

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12msjo(2 comments)posted 4 years, 6 months ago

There are a lot of people in the valley that really would love to own their own home in the city, if people walk away from their homes and don't sale or rent them, why don't the city take them and give them to people that will love to have them. People pay any where form 450.00 to 500.00 a month for rent, why not pay for something that will be yours. some tax money is better then no tax money. A paint job and some gardening around the house will make some homeowners not only proud of what they have but will not let unwanted people in the neighborhood to destroy it. Be proud where you live, and make it a safe place for everyone. Why go where your not wanted anyway. Our jobs are leaving because, who would want to bring in jobs to a place that looks like youngstown. Some people that lose or only work parttime are coming back in city to purchase a house for 5,000.00 to 15,000.00 and fixing them up to live in and saving money. As for the city, you need to get up off your high horses, quit downing people and give them a hand .People, never say what you can't do, just say what you can do. Leave these designer clothes and shoes alone and invest in a home for your children, a nice place for them to live. I listen how people talk about youngstown, but don't do a freaken thing to make it better, but always passing the buck on to someone else.

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