SitemapAmanda Cresanto, 25, was tired of paying rent for an apartment she would never own.
Knowledge of the Youngstown Neighborhood Development Corp.’s housing program led her to search the corporation’s inventory of homes.
And it happened: She found the home of her dreams.
“I love natural lighting, and all of the windows in the front drew me to it,” she said of her Glenwood Avenue home.
Not only did she find her dream home, Cresanto was able to purchase the home free of closing costs.
A program at Huntington Bank waives its lender closing costs for customers purchasing or refinancing a home in a low- or moderate-income census tract.
The costs for the processing, underwriting, appraisal, survey and other fees typically range from $1,500 to $2,500.
“We are focusing on the neighborhood itself and not the individual,” said John Lacy, mortgage sales manager at Huntington Bank. “We are trying to create an incentive for any income level.”
In Cresanto’s case, she was able to buy her home in March free of closing costs and that was a “tremendous” help for the first-time homeowner, she said.
The program also helps the YNDC get more investment into the city, and encourages those outside of a the low-income level to buy in the city.
“It really helps us to diversify the area,” said Tiffany Sokol, housing director for the YNDC.
The YNDC works throughout the city — where there are 4,000 vacant homes — to acquire vacant or abandoned homes and rehabilitate them so they can go back on the market.
Since the housing program really kicked off in 2010, the YNDC has acquired and rehabilitated 49 properties. This year, the YNDC will fix between 20 and 30 homes.
An in-house construction crew allows for rehabilitation work to get done faster.
“We have done homes on all sides of town,” Sokol said.
Cresanto’s home was previously owned by someone out of the state. The owner chose to donate the property to the YNDC, and the corporation got to work after acquiring it last fall. The historical charm of the 1929 home was kept, but whatever needed fixed was fixed: Outside trim, new carpet, new laminate floor and a blue painted door are just some of the YNDC’s fixes.
“Anything that wasn’t functional we made functional, and anything that was ugly we made pretty,” Sokol said.
Cresanto loves the charm of a house with the archways, hardwood floor and crystal doorknobs. Her dog, Achilles, loves the large backyard.
“It kind of reminded me of the home where I grew up,” she said.
To read the full story at Vindy.com, click here.