The Federal Home Loan Bank of Pittsburgh’s Affordable Housing Program has awarded the Youngstown Neighborhood Development Corporation two grants totaling $1.15 million for housing development in the city of Youngstown. FHLBank announced the grants on Friday.
The grants will fund separate redevelopment efforts in the Idora Neighborhood on Youngstown’s South Side. The first grant allocates $750,000 for renovations to five vacant YNDC-owned houses. A second grant provides $409,032 for the construction of two new rental units on Mineral Springs Avenue.
John Bendel, senior director for Community Investment at FHLBank Pittsburgh, said YNDC was among 52 organizations successfully competing in a field of 151 applicants.
PNC will partner with YNDC on both projects and is the member bank supporting YNDC’s application.
“YNDC and our partners are thrilled to announce these major investments that will continue ongoing neighborhood stabilization efforts and produce much needed high quality, affordable housing,” said Ian Beniston, YNDC executive director, in a prepared release.
The five houses set for renovation include 2118 Glenwood Ave., 2315 Volney Road, 741 Winona Drive, 968 Winona Drive, and 726 Lake Drive.
Beniston described the properties as “very distressed houses” with a “fair level of distress.” Despite their condition, he said the houses were worth preserving. He described the surrounding east/west streets as relatively stable, with nearby Lake Drive being “pretty intact.”
Beniston said work on the houses will begin early next year and he expects the renovations to be completed by mid-summer. He said FHLBank’s funding will allow YNDC to achieve “high-level, high-quality renovations.”
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