Tuesday, August 5, 2014
Youngstown Neighborhood Development Corporation (YNDC) and Cortland Banks are pleased to announce a strategic collaboration to provide a mortgage loan program that will offer first mortgage financing on homes rehabilitated by YNDC in Youngstown neighborhoods.
Cortland Banks has committed $300,000 to the program, based on YNDC's existing Community Loan Fund, 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 continued revitalization and economic recovery in strategic neighborhoods.
YNDC is a HUD-Certified Housing Counseling Agency offering pre-purchase counseling and homebuyer education to assist prospective homebuyers with addressing and resolving the barriers to homeownership. Cortland Banks will contribute additional funds to YNDC for providing these services to program applicants. The non-profit and the bank also plan to launch a joint marketing outreach campaign to promote the program to the Mahoning Valley in the coming weeks.
“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.
“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.