SitemapThe Youngstown Neighborhood Development Corp. is receiving a $1 million grant for its program to provide roof replacements for low- to moderate-income homeowners in the city.
“This will allow us to do important work in the city,” said Ian Beniston, YNDC’s executive director. “This is a significant grant.”
The grant, which YNDC received through a competitive process, will pay for the roof replacements of about 100 owner-occupied, single-family city residents at no cost to the homeowners, he said.
A new roof costs $7,000 to $15,000, depending on the size of the house, he said.
With other funding, YNDC wants to replace roofs on the houses of about 150 low- to moderate-income residents in 2022, Beniston said.
“The demand is there,” he said.
The $1 million grant comes from the Federal Home Loan Bank of Cincinnati, a wholesale bank that provides financial services to its member banks and credit unions in Ohio, Kentucky and Tennessee.
YNDC applied for the money through Premier Bank, a FHLB of Cincinnati member.
Premier Bank will provide a $500,000 loan to YNDC that the agency initially will draw on and then seek reimbursement from FHLB, Beniston said.
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