By William K. Alcorn
The Youngstown Neighborhood Development Corp. has been awarded a $375,000 grant from The Kresge Foundation for general-operating support of YNDC for a three-year period from January 2012 through December 2014.
The Kresge gift brings to $875,000 the amount of money YNDC has received this year in two major grants.
In late January, YNDC received $500,000 grant from the Ohio Housing Finance Agency’s Housing Investment Fund to help establish the local agency’s Community Loan Fund, which will provide low- interest loans to eligible home buyers.
The Kresge Foundation grant will enhance the capacity of YNDC’s programs and services and further solidify the long-term sustainability of the organization.
This grant is believed to be the first from The Kresge Foundation to a community development corporation in Ohio, said Presley L. Gillespie, YNDC executive director.
“We are honored and extremely grateful to The Kresge Foundation for this significant commitment to our neighborhoods,” Presley said.
“This investment represents national recognition of our work to develop a comprehensive model for neighborhood revitalization in legacy cities, and is a testament to the growing momentum in our Valley,” he added.
The Kresge Foundation is a $3.1 billion private, national foundation that seeks to influence the quality of life for future generations by creating access and opportunity in underserved communities, improving the health of low-income people, supporting artistic expression, increasing college achievement and advancing methods for addressing climate change.
The Youngstown Neighborhood Development Corporation seeks to catalyze strategic reinvestment in neighborhoods throughout Youngstown, Gillespie said.
The Community Loan Fund, a public/private partnership that neighborhood development expects to launch the program within the next 30 days, will provide alternative access to credit for the purchase of owner-occupied housing to help revitalize economic recovery in vulnerable and transitional neighborhoods, Gillespie said.