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Trumbull County Sees Sunshine
WARREN, Ohio -- The rehabilitation of 20 homes by Sunshine of Warren/Trumbull Area, Inc. in Warren's near north side neighborhood is making progress. To date approximately 10 homes of the 20 have been completed or nearly finished and five homes are occupied. All are scheduled to be completed by the middle of September. "We view this as an opportunity to provide living space for families that could not otherwise afford decent housing, while, at the same time enhancing the viability and quality of the neighborhood," said Warren Mayor Michael O'Brien.The 20 homes, located on Atlantic, Belmont, Adams, Mercer, School, Paige, Olive and Fairfield, will rent for $450 per month when renovated. To be eligible, applicants' income cannot exceed 60% of the gross median income or $30,375 for a four-person household. Sunshine is the developer and managing member of Warren Neighborhood Redevelopment LLC, a limited-liability company formed by Sunshine for the purpose of developing and operating the project. Construction financing for the $2.6 million renovation program is being provided through First Place Bank. "We are proud to help in the revitalization of our local community and neighborhoods," said Steven R. Lewis, First Place president and chief executive officer.Most of the construction financing will be repaid upon completion of the 20 homes with equity generated through the sale of tax credits to private investors. Investment money is raised through the National Equity Fund, a non-profit corporation that raises capital from private investors for the purpose of investing in tax credits.The balance of permanent funds includes a mortgage loan from First Place Bank, a grant from the City of Warren and a grant from the Ohio Housing Finance Agency. Funding has also been approved by OHFA for Sunshine to use in renovation and new construction of ten homes that will be made available for immediate sale, said Karen Banyai, OHFA program manager with OHFA. Five of these homes will in the near north side neighborhood.Youth Build of Trumbull County is renovating one of the homes. Youth Build is a program that provides on the job training for young people aspiring to be tradesmen in the building industry while earning their GED or high school diploma. The other 19 homes are being completed by Warren-based contractors. "