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Tuesday, March 21, 2017
In March 2017, the City of Youngstown granted $1,500,000 to the Youngstown Neighborhood Development Corporation
, finalizing a partnership to catalyze the renovation and purchase of a larger volume of vacant homes, increasing homeownership as part of broader neighborhood revitalization strategies in neighborhoods throughout the city. The program is called Live Youngstown and will achieve the goal of returning vacant homes to productive and taxpaying use as market-rate, market-ready products, thereby increasing homeownership, population, and tax base in the city. The program will be available citywide.
The program will have four components:
1. The first component will provide direct support to the Youngstown Neighborhood Development Corporation to improve water and waste water systems in vacant homes being renovated. This will allow YNDC to renovate a higher volume of vacant housing to sell at market rate to homeowners throughout the City of Youngstown.
2. The second component will provide support to homebuyers purchasing homes for sale to update relevant water and waste water systems in homes being purchased. YNDC will manage this process and no funds will be provided directly to homebuyers.
3. The third component will provide direct support to the Youngstown Neighborhood Development Corporation to provide first mortgage loans to homebuyers that fall below the risk tolerance of traditional lenders, but meet YNDC’s criteria for the organization’s high-accountability loan product. YNDC will also use the city’s support to leverage an additional funding for this purpose.
4. The fourth component will launch an aggressive Live Youngstown marketing campaign that highlights the new homebuyers and focuses on cultivating positive neighborhood perceptions and broadening the pipeline of individuals interested in purchasing homes in Youngstown neighborhoods.
More program details will be provided in the coming weeks.