FINANCIAL_SERVICESRECOMMENDED

Council Committee Advances NDS Affordable Housing Loan Changes

Ravenna’s Community & Economic Development Committee advanced a proposal from Neighborhood Development Services to modify the City's Portage Housing I–III loans by reducing the interest rate to 0% and forgiving over $915,000 in principal on Phases II and III. The changes are intended to freeze loan balances, eliminate further interest accrual, and create consistent payoff amounts for remaining homeowners while maintaining program viability.

Status
RECOMMENDED
Document date
July 13, 2026
Contract type
FINANCIAL_SERVICES
Vendor
Neighborhood Development Services
Agency
City of Ravenna · OH

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Forgiveness of $307,540.05 on Portage Housing II loan and $608,272.00 on Portage Housing III loan; original City investment $340,000; projected total program return over $900,000
Contract type
FINANCIAL_SERVICES
Renewal
Proposal would reset existing loan terms to a 0% interest rate and forgive portions of principal on Portage Housing II and III; repayments will continue into the City's Revolving Loan Fund for future eligible housing and economic development activities. No explicit renewal or extension term was stated in the minutes.
Document type
Minutes
Source document
Ravenna City Council Community & Economic Development Committee Meeting Minutes 2026-07-13

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Ravenna?

Neighborhood Development Services was awarded this financial services contract by City of Ravenna, as recorded on July 13, 2026. The contract value is Forgiveness of $307,540.05 on Portage Housing II loan and $608,272.00 on Portage Housing III loan; original City investment $340,000; projected total program return over $900,000.

How much is the Neighborhood Development Services contract with City of Ravenna worth?

The Neighborhood Development Services contract with City of Ravenna is valued at Forgiveness of $307,540.05 on Portage Housing II loan and $608,272.00 on Portage Housing III loan; original City investment $340,000; projected total program return over $900,000, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record.

Where was this contract approved?

This contract appears in Ravenna City Council Community & Economic Development Committee Meeting Minutes 2026-07-13 (Minutes), dated July 13, 2026 from City of Ravenna. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Neighborhood Development Services hold?

Neighborhood Development Services may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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What is City of Ravenna currently buying?

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