Business Digest

REGION

Groundbreaking planned for senior apartments

NILES — Ground will be broken at 2 p.m. today for a senior-citizen apartment complex to be built at the corner of West Church Street and North Arlington Avenue on the site of the former Edison school.

The complex will be called Edison Place and will consist of 50 two-bedroom apartments for families 55 years of age and over with a spacious community area and state-of-the-art amenities, according to a press release.

Common Wealth and Interfaith Churches for Housing have been working together to build the apartments. Funding sources include housing tax credits, federal stimulus money, the Ohio Housing Finance Agency and others.

Foreclosure-counseling services to be expanded

YOUNGSTOWN — Two Mahoning County non-profit agencies will be able to expand their foreclosure-counseling services because of a money from a settlement with Countrywide Financial Corp., said Ohio Attorney General Richard Cordray. Fourteen agencies are being awarded $1 million. Locally, Catholic Charities is receiving $59,500 and Family Service Agency is receiving $26,100.

NATION

Bank of America repays entire TARP loan amount

CHARLOTTE, N.C. — Bank of America Corp. said Wednesday it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program.

Bank of America, which announced its agreement with the U.S. Treasury to repay TARP last week, funded the repayment through a combination of cash on hand and the sale of $19.29 billion of securities that would convert into common stock. The stock increase remains subject to shareholder approval.

From Vindicator staff and wire reports