YNDC Awarded $1.15M in Grants from Federal Home Loan Bank
The grants were distributed from the bank’s Affordable Housing Program for housing development in the City of Youngstown. PNC is the member bank supporting YNDC’s application and partnering on both projects, according to a release from the organization.
A grant of $750,000 will be used to fully renovate five vacant homes for affordable homeownership. Another grant of $409,032 will be used to construct two new energy-efficient affordable rental units.
“YNDC and our partners are thrilled to announce these major investments that will continue ongoing neighborhood stabilization efforts and produce much needed high quality, affordable housing,” Ian Beniston, YNDC executive director, said in a release. “We are grateful to the Federal Home Loan Bank of Pittsburgh for the grant awards and to PNC, the Mahoning County Land Bank, City of Youngstown, The Raymond John Wean Foundation and other partners for their support and partnership in making this possible.”
The projects will begin in 2021. More details will be announced in the coming months, according to the release.
Published by The Business Journal, Youngstown, Ohio.