Board Approves Final Loan Extension for Weintraub Barberton Project
NEWS RELEASE
(August 20, 2024- Barberton, Ohio) – Barberton Community Foundation’s (BCF) Board of Directors met for a special meeting on August 19, 2024, to review and approve a final 24-month loan extension to Weintraub Barberton Turkeyfoot QOF LLC to complete a 56-unit housing development at Trucen Farms, located in Barberton off State Route 619.
The loan was originally approved in October 2021 for $1 million. Funding comes through BCF’s Program Related Investments, which is non-grant dollars utilized by Barberton Community Development Corporation (BCDC) to make loans supporting community development.
The extension’s terms include a maturity date of November 1, 2026, and set forth specific conditions to ensure the project’s progress and completion. The most critical condition of this extension requires a fully executed purchase agreement with K. Hovnanian home builders for 56 residential units by December 31, 2024. Because this is the second time this loan has been extended, the Foundation’s board will not consider any further extensions.
“Adding more quality housing stock to Barberton is an important pursuit, and we are glad to be helping people who may be looking to relocate to be closer to work or to who wish to move to the Magic City and experience all the Barberton community has to offer,” said Josh Gordon, Executive Director of Barberton Community Foundation. “We are committed to seeing this project move forward at pace.”
The project has been a focal point for the Foundation’s commitment to enhancing Barberton’s housing stock.
“The land at Trucen Farm is well-suited for high-quality housing, which is in great demand as more people seek to move into Barberton,” said Lynne Holcomb, Barberton Community Foundation Board of Directors Chairperson.
The project, which includes 56-homes priced to start at $250,000 to $300,000, is designed to meet Barberton’s need for additional housing. The City of Barberton Design Review Board has implemented standards to ensure that these homes maintain a unique aesthetic, avoiding a ‘cookie-cutter’ look.
“The Foundation is interested in pursuing intentional projects that positively impact the community, and we must make these choices with limited resources,” Gordon said. “As a result, the Board indicated this is the final extension of this loan as financial resources are needed for other projects in the Foundation’s pipeline,” Gordon said.
###
About Barberton Community Foundation
Established in 1996, Barberton Community Foundation has awarded over 8,500 grants and scholarships totaling more than $109 million since its inception. The Foundation strives to improve, now and forever, the quality of life for Barberton residents by providing leadership on vital issues, fostering collaboration, and creating a legacy of giving to do good. The Foundation strengthens the community for current and future generations by proactively directing its grant dollars to the community’s greatest needs.
To read more about Barberton Community Foundation visit www.barbertoncf.org or follow us on Facebook at facebook.com/barbertoncommunityfoundation.