SitemapCity council’s vote to stop predatory land-installment contracts is the first step in a process to increase the quality of the housing stock in Youngstown, backers of the law say.
Members of the Alliance for Congregational Transformation Influencing Our Neighborhoods, the Youngstown Neighborhood Development Corp., block watches and neighborhood groups that supported the legislation packed city council chambers Wednesday to hear council approve the bill 7-0.
“It’s the start of many steps in the months and years to come,” said Ian Beniston, YNDC executive director. “We’re working to reduce predatory lending and increase housing quality. It’s a good day for residents. It provides clear protection for those who are entering into land contracts in Youngstown.”
A land-installment contract has a person pay the purchase price of a property in installments while the owner retains title to the property.
The legislation requires an inspection and a title search before a sale is finalized.
Council initially considered this legislation last month but postponed a vote because local activists wanted to include tougher language. To read the full story from The Vindicator, click here.