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Youngstown Neighborhood Development Corporation growing in assets, support and scope
YOUNGSTOWN
A new report released from the Youngstown Neighborhood Development Corp. suggests the organization is growing in assets, support and scope of its mission.
The YNDC released its 2018 annual report earlier this month, which details the activities and developments at the organization.
Its overall revenue was slightly lower in 2018 than in 2017, generating $3,279,528 and $3,428,681 respectively. Its net income, however, rose significantly last year than the year prior, bringing in $580,915 in 2018 and $94,588 in 2017.
The organization brought in more money through grants and government contracts in 2018 than it did the year before – $1,759,211.24 in 2018 versus $1,389,472.36 in 2017 – and saw increases in its support from foundations, banks, investments and other income.
Ian Beniston, YNDC executive director, said 31 banks invested in the organization in 2018, more than in any year past.
YNDC’s fixed assets also grew from $3.7 million to $4.5 million, and the organization has more than $4.2 million in grant commitments heading into 2019.
“This year will be the strongest ever for us in terms of revenue,” Beniston said. “Our assets have grown, and we’re stronger than we’ve ever been.”
In programming, YNDC ventured into new territory in 2018.
The organization invested more than $700,000 in restoring rental properties throughout the city.
Currently, YNDC operates 29 rental properties, and Beniston said the organization will continue to invest in rentals.
“The city overall has a significant number of rental properties, but many of them are low quality, so talking to our partners at the YWCA and Ursuline Center, we saw a need to develop high-quality rentals,” Beniston said.
One of the new rental properties, a historic multi-unit apartment complex at 650 Clearmont Drive, was finished this year and is rented to individuals using the YWCA and Ursuline Center .
The Glenwood Business Center, located along Glenwood Avenue, is also a new rental space for the organization, its first to exclusively house businesses. Tenants secured space at the facility before it officially opened.
In addition to developing rentals, the YNDC also joined the Alliance for Congregational Transformation Influencing Our Neighborhoods and began engaging in neighborhood organizing.
YNDC and ACTION traveled to Columbia, S.C., to protest land-contract company Vision Property Management and worked together locally, along with Community Legal Aid, to sue the company.
YNDC, ACTION and Community Legal Aid are also pressuring the city to pass laws protecting prospective home owners from predatory land contract and rent-to-own agreements.
“We love the organizing, and I see lots of possibility there as organizers,” Beniston said. “Our partnerships with groups like ACTION allow us to pursue structure and policy changes, which is where real change is at. Land contracts are just the start.”