The Federal Home Loan Bank of Pittsburgh’s Affordable Housing Program has awarded the Youngstown Neighborhood Development Corporation two grants totaling $1.15 million for housing development in Youngstown. FHLBank announced the grants on Friday.
IAN BENISTON (YNDC)The grants will fund separate redevelopment efforts in the Idora Neighborhood on Youngstown’s South Side. The first grant allocates $750,000 for renovations to five vacant YNDC-owned houses. A second grant provides $409,032 for the construction of two new rental units on Mineral Springs Avenue.
John Bendel, senior director for Community Investment at FHLBank Pittsburgh, said YNDC was among 52 organizations successfully competing in a field of 151 applicants.
PNC will partner with YNDC on both projects and is the member bank supporting the Youngstown nonprofit’s application.
“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,” said YNDC Executive Director Ian Beniston in a prepared statement.
The five houses set for renovation include 2118 Glenwood Ave., 2315 Volney Road, 741 Winona Drive, 968 Winona Drive, and 726 Lake Drive.
Beniston described the properties as “very distressed houses” with a “fair level of distress.” Despite their condition, he said the houses were worth preserving. He described the surrounding east/west streets as relatively stable, with nearby Lake Drive being “pretty intact.”
Beniston said work on the houses will begin early next year and he expects the renovations to be completed by mid-summer. He said FHLBank’s funding will allow YNDC to achieve “high-level, high-quality renovations.”
Idora Neighborhood
The second grant will fund construction of two energy-efficient rental units on Mineral Springs, a one-block residential street that connects Glenwood Avenue and Volney Road. YNDC will own and maintain the properties. Beniston said the rentals will be followed by new single-family homes.
New construction on Mineral Springs is the latest phase in an ongoing redevelopment effort there. For demolition and site control, YNDC partnered with the Mahoning County Land Bank, Youngstown’s Land Reutilization Program, and the National Community Stabilization Trust, a Washington, D.C.-based nonprofit that assists in the transfer of vacant, abandoned and distressed properties.
Although FHLBank’s service area is Delaware, Pennsylvania and West Virginia, YNDC qualified for funding by using PNC as its sponsoring bank.
“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,” Beniston added.
FHLBank has funded other YNDC projects in recent years, including new home construction on Helena Avenue on Youngstown’s upper South Side. FHLBank, which is part of the Federal Home Loan Bank System, funds affordable housing and community development efforts.
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