Good Neighbors.

Broadway Development Initiative.

The Initiative begun by Third Federal Savings and Loan is a long-term revitalization program encompassing the three-mile corridor of the Broadway-Slavic Village neighborhood in Cleveland, Ohio, which historically was inhabited primarily by Eastern European immigrants who supported the steel and other manufacturing industries in Cleveland for most of this century.

The Broadway Development Initiative has brought together several groups including the City of Cleveland, the Cleveland Catholic Diocese's Church in the City Program initiated by Bishop Anthony Pilla, development groups, residents, and more than 100 businesses, nonprofit, civic and cultural organizations.

The Church in the City Program was begun by the Bishop in an effort to stabilize and revitalize neighborhoods. The program coordinators work with various parishes, community and neighborhood groups and corporations who develop and implement revitalization programs. Third Federal has been working with Church in the City in the Broadway area. In addition to the programs mentioned here, Church in the City has been involved in the restoration of the area’s most vital church, St. Stanislaus.

Third Federal Corporate Headquarters

Third Federal’s involvement in the Broadway Development Initiative (BDI) began in 1997 with the company's announcement to build a three-story operations center on Broadway adjacent to its headquarters building. In May 1998, Third Federal broke ground for a 175,000 square foot office campus constructed in a style similar to the grand historic buildings that once lined Broadway Avenue. The complex features three brick and stone buildings joined by glass connectors. A circular building called the Rotunda sits in the center of the complex surrounded by park space shared by Third Federal associates and neighborhood residents.

The new office complex brought 150 new jobs into the City of Cleveland with continuing growth of additional jobs; approximately 200 new jobs have been added since. "Our investment in an expanded campus at our headquarters continues to create value for our community and spur additional investments," says Marc A. Stefanski, chairman and CEO of Third Federal Savings. "Every community has human and financial assets, and we have chosen to invest the time to develop and implement creative strategies via the Broadway Development Initiative that build upon and leverage these assets." Thus far, Third Federal has invested more than $50 million in the Broadway area on various projects.

Broadway Elderly Housing Project

Third Federal financed Broadway Place, a senior residence facility with 42 suites, on Broadway Ave. across from its headquarters. The project has received low-income housing tax credits and opened in 2002.

New Single Family Homes for the Broadway Corridor

Third Federal has an arrangement with Rysar Properties to build single family homes on scattered sites in the Broadway area. Third Federal serves as both the developer and financial arm for this unique building program. Thus far, 29 homes have been completed, with additional 30 homes built and financed by Third Federal.

Third Federal also funded and constructed its first Greater Cleveland Habitat for Humanity home, using the help of 160 associates who were able to help build the house on company time. Previously, the Association contributed $100,000 to the organization and also purchased more than $500,000 in loans from GCHH.

Homeownership is something that Third Federal would like everyone to achieve, so in 2001, our Community Development Services Department (CDS) began a new program called HomeToday. Through referrals from pastors or representatives from community-based organizations, HomeToday provides education, counseling and flexible underwriting to individuals who are ready to get help overcoming barriers to homeownership. Past credit problems or lack of savings for a down payment are examples of barriers addressed.

To date, our associates and over one hundred partners in Ohio and Florida have educated several thousand individuals about the steps to homeownership. Participants have learned the importance of budgeting to create a savings and spending plan, how to understand credit and manage it, and how to shop for the best loan in today's crowded marketplace. This education has opened new vistas to our participants who previously did not think they could buy and own a home.

Third Federal Education Initiative

Tutoring Program/Volunteer Reading Program

In May, 1999, Third Federal also instituted a tutoring program in Fullerton and Mound Schools in the Broadway area, specifically aimed toward youngsters who need extra help to get them on track for their grade levels. The tutors, paid by Third Federal, are retired Cleveland elementary school teachers who work with individual students and small groups for a maximum of 15 hours per week. Since then, both schools have seen significant improvement in fourth grade proficiency test scores. The program is being expanded to include more schools next year.

Volunteer Reading Program

Third Federal began a volunteer reading program at Miles Park School in the Broadway area in the spring of 2000. Associates help (tutor) children with their reading during the school day. The new flexible scheduling program for associates allows Third Federal to institute this new program without losing valuable work time.

High School Credit Management Course

Third Federal began a new program in January, 2000, to teach South High School students in the Broadway area about credit and money management to help them make wise financial choices after they graduate. The initial six-week sessions were attended by 165 students and was continued for another nine weeks in March. Based upon the initial experience, Third Federal now funds classes as part of the curriculum for an entire senior year

Broadway Avenue Beautification

Using tax credits from our new building, Broadway Avenue was narrowed, and decorative brickwork added, along with trees and flowers

Awards
George S. Dively Award for neighborhood development
Agra Community Achievement Award
Corporate Citizenship Award for City of Cleveland from Ohio Arts Council