Cash offered to home buyers
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 firstname.lastname@example.org or in person at 201 E. Commerce St., Suite 140, Youngstown 44503.
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 email@example.com.
In person at YNDC’s office, 201 E. Commerce St., Suite 140, Youngstown 44503.
Source: Youngstown Neighborhood Development Corp.