YNDC gets $500K grant to establish home-loan fund

YOUNGSTOWN — Youngstown Neighborhood Development Corp. has received a $500,000 grant from the Ohio Housing Finance Agency’s Housing Investment Fund to help establish the YNDC loan fund.

The project is a public/private partnership which includes the Ohio Housing Finance Agency, city of Youngstown, Raymond John Wean Foundation, Home Savings and Loan Company, local U.S. Department of Housing and Urban Development-certified counseling agencies, banks, major employers, and other partners.

To date, YNDC has secured more than $1.3 million in commitments for the fund and expects to formally launch the program within the next 30 days, said Presley L. Gillespie, YNDC executive director.

The Community Loan Fund, in development for over a year, will provide alternative access to credit and bolster revitalization and economic recovery in vulnerable and transitional neighborhoods.

The loan fund will support financing for the purchase of owner-occupied housing in eligible neighborhoods by providing first-mortgage financing.

For the complete story, read Wednesday's Vindicator and Vindy.com