Landlord Property Improvement Loan and Grant Match

Helping property owners invest in a better Youngstown

The Landlord Property Improvement Loan has been allocated $2 million of ARPA funds for a revolving loan fund to provide resources to landlords to undertake renovations, repairs or address code violations. Eligible landlords can apply for a low interest loan of up to $50,000 for each repaired or renovated property. A single landlord is capped at $100,000. The terms of the loan includes a low, two-percent interest rate for up to a 60 month term. Landlords that wish to apply for the Landlord Property Improvement Loan are to apply through 7 17 Credit Union.

NEW: The City of Youngstown has introduced a flexible 50% matching fund option to make it easier to complete meaningful property improvements.
 

Landlord Property Improvement Loan Requirements

Subject Property

• Must be a registered rental property located within the city limits of Youngstown, Ohio.
• Rental properties include single family homes, duplexes and multiple unit structures, not to exceed four-family units.
• Landlord must agree not to increase subject property rent for a period of one (1) year from loan closing.
• Property must be habitable and not on the abandoned/demolition/condemnation list or in the process of foreclosure or sale.

Applicant

• 18 years of age or older.
• Must be the owner of the subject property and must own the property for at least one year prior to application.
• Meet all eligibility requirements of the Program including eligibility for membership with 7 17 Credit Union.
• Applicant cannot be in the process of bankruptcy, foreclosure or sale of subject property.
• All required documents including the application and closing documents must be signed by all property owners.
• Closing will take place at Valley Title Co. with approximately $400 in recording and title fees to be paid from loan proceeds.
• Property must be insured; proof of policy required.
• Must be current on any subject property mortgage, taxes and City accounts, including water.
• Landlord must not have any current City of Youngstown code violations on any property owned within the City limits.

Eligible Improvements Funding may be used for:

• Code compliance and safety improvements
• Roofing and structural repairs
• HVAC systems and energy-efficiency upgrades
• Interior and exterior renovations
• Accessibility improvements
• Lead hazard remediation (where applicable)

Improvement Project

• Estimate for improvements is required.
• Improvements must address any current City of Youngstown code violations, if applicable.
• Work must be completed by a licensed and insured contractor who is registered with the City.
• Property inspection required by the City Public Works Department before project begins and upon completion.
• All checks will be made co-payable to the homeowner and the contractor.
  • 50% paid upon loan approval and first inspection.
  • Remaining 50% paid upon completion of the project and final inspection.

Loan Terms*

• Maximum renovation award amount per individual property or unit: $50,000 (eligible properties include: single family homes, duplexes, triplexes, fourplexes, multiple single-family homes).
• Total maximum combined award amount for multiple properties under common ownership: $250,000.
• A non-refundable $300 application fee is due at time of application.
• Recording and closing fees paid by applicant from loan proceeds.
• Discounted initial fixed loan rate: 2.00% APR.
• Repayment term not to exceed 60 months.

NEW - City Matching Funds - Up to 50%
The City of Youngstown will match up to 50% of eligible project costs. 
Landlords may meet their required contribution by:

• Using personal or private funds, or
• Financing their portion through a low-interest subordinate match loan (2% fixed, 5-year term) including the Landlord Revolving Loan Program

* APR = Annual Percentage Rate. 60 monthly payments are approximately $17.53 per $1,000 borrowed. Payments do not include amounts for taxes and insurance premiums. Consult a tax advisor for further information regarding the deductibility of interest and charges.

To apply, please call 1-800-775-7741, ext. 8404, 8115 or 8084.