SitemapCortland Banks and the Youngstown Neighborhood Development Corp. today announced a strategic collaboration to provide a mortgage loan program that will offer first mortgage financing on homes rehabilitated by YNDC in city neighborhoods.
Cortland Banks has committed $300,000 to the program, which will assist prospective homebuyers who may not qualify for conventional loan products to secure mortgage financing with favorable terms, while furthering YNDC’s mission to bolster revitalization in strategic neighborhoods, officials said.
“We are grateful for Cortland Banks’ recognition of the success of our community loan fund program and investment in the revitalization of Youngstown by becoming the first bank to replicate our unique approach to community lending,” said Ian Beniston, YNDC executive director.
This is the first time a financial institution will provide direct funding for the organization’s existing program, which was previously funded with public grants, he continued.
YNDC is a HUD-certified agency that offers pre-purchase counseling to assist prospective homebuyers with resolving the barriers to home ownership. Cortland Banks will contribute additional funds to YNDC for providing these services to program applicants, according to the announcement. And the nonprofit and the bank plan to launch a joint marketing outreach campaign to promote the program to the Mahoning Valley.
“Cortland Banks is excited about the opportunity to be directly involved with YNDC. We believe that this innovative loan program fulfills both the missions of the bank and the neighborhood development corporation by serving the needs of the entire community,” said Stan Feret, Cortland Banks’ senior vice president and chief lending officer.
Cortland Banks, founded in 1892, operates 12 offices in Mahoning, Trumbull, Portage and Ashtabula counties.
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