SitemapA partnership between Huntington Bank and the Youngstown Neighborhood Development Corp. scores a triple whammy of wins for the YNDC, the city and homebuyers looking for a sweet deal.
As Vindicator business writer Kalea Hall reported in a Page 1 story last week, a program at Huntington, in conjunction with the city’s premier neighborhood revitalization agency, waives its lender closing costs for customers purchasing or refinancing a home in low- or moderate-income districts. The costs for the processing, underwriting, appraisal, survey and other fees typically range from $1,500 to $2,500.
That’s not chump change for those straddling the fence over whether to continue to lose thousands of dollars per year on rental costs or to gain personal pride and a lucrative long-term financial investment through homeownership.
Just ask Amanda Cresanto, who had grown tired of paying rent for a property she would never own. The added incentive from Huntington provided “tremendous” help in her decision to purchase a YNDC-revitalized home on Glenwood Avenue in the city.
The program validates the slogan of the 149-year-old, 12,000-employee Columbus-based financial institution: “A bank invested in people.” Huntington has invested heavily in the success of YNDC and the people and community it serves for years. In addition to the closing-costs waiver, Huntington and its employees have rolled up their sleeves in various cleanup blitzes at homes and neighborhoods in Youngstown. Huntington also has sponsored its Side Lot incentive program. In it, select property owners are given gift cards to purchase tools, materials and supplies to improve their lots and beautify neighborhoods.
What’s more, Huntington is not alone. Other Mahoning Valley financial institutions or their charitable foundations – including Charter One, Cortland Banks, Home Savings & Loan, JP Morgan Chase, PNC Bank, Talmer Bank and Trust and others – have invested heavily in funding and program support to advance YNDC’s compassionate and civic- minded mission.
Those investments power success for the often under-recognized but overachieving neighborhood improvement agency and underscore yet again the value of cohesive partnerships between our public and private sectors.
In YNDC’s case, some of that value can be gleaned through a passing glance at its second-quarter 2015 performance report. From April through June, YNDC gained more than $1 million in grants and contracts, activated campaigns in the Glenwood Park, Garden District, Brownlee Woods, Powerstown and other neighborhoods yielding amazing results, and it acquired, rehabilitated or completed work on more than a dozen homes to breathe new vigor into neighborhoods that had been teetering between decay and renewal.
Such tireless work ultimately benefits the city and us all. It improves the aesthetic appeal of once-declining neighborhoods and contributes to the overall health, quality of life and well-being of Youngstown.
We therefore salute Huntington Bank, other Valley financial institutions and all other groups and individuals who have invested their dollars and their determination into helping YNDC expand the renaissance of Youngstown.
To read the full story at vindy.com, click here.