07-05-2025
Applications open for new loan program to help homebuyers
YOUNGSTOWN, Ohio (WKBN) — The City of Youngstown is teaming up with 717 Credit Union to tackle affordable housing as part of a multimillion-dollar push to make buying a house more accessible.
Last month, the city of Youngstown opened up its application process for its residential property improvement programs.
'It's not just a housing shortage, it's a quality affordable housing shortage,' said John Demmler, president and CEO of 717 Credit Union.
The two-pronged program offers grants and loans to qualifying homeowners up to $10,000 at a 1% interest rate for exterior improvements like painting, window replacements and siding. It also provides help for landlords of up to $50,000 to get their properties up to code.
'One of the things that is a challenge with housing, and it's not just here in Youngstown, is the cost of construction of new homes. So we're working to bring down the cost of construction throughout the entire process,' Demmler said.
That's where a new layer builds on the program's foundation, utilizing $8 million in ARPA funds to help buyers actually purchase homes, creating special financial incentives where buyers can get a 2 percent off-market rate on loans and closing costs waived.
'We try to look at different barriers to homeownership and then try to remove those barriers. Oftentimes, closing costs are a barrier, so we remove that. The high interest rates is a barrier, so we remove that as well,' Demmler said.
717 is also looking at giving home buyers the option to purchase modular homes, which also helps drive down construction costs.
'A two-bedroom roughly around $100,000. At the end of the day, all expenses in, we want to be less than $500 a month in a mortgage payment,' said Demmler.
717 says they expect the Youngstown Affordable Loan program to begin sometime his summer.
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