Shared Goal

Akron residents have greater access to safe, well-maintained, and affordable housing.

Outcome

More Investment in Homes & Neighborhoods

Context for Proposals 8–12

Proposals 8–12 show different ways Akron could invest housing dollars. Each one helps a different group, works in a different way, and tries to fix a different housing problem. You don’t have to pick just one. Your facilitator will guide your Trust through an activity where you compare these five options and decide which ones matter most for Akron.

The Proposal

This proposal would help eligible renters cover some of the costs of buying a home, such as a down payment and closing costs.

Some Akron renters could afford a monthly mortgage payment but can’t save enough for these upfront costs. This is especially true for moderate-income households who have steady income but limited savings.

At Akron’s median home price of about $140,000, a typical down payment and closing costs can total $7,000 to $11,000. In lower-cost neighborhoods, where homes range from $70,000 to $100,000, these upfront costs are lower, but can still be out of reach for many residents.

At the same time, many lower-priced homes are being bought by investors who can pay cash right away. This can make it harder for local buyers to compete.

This proposal would offer forgivable loans to help eligible buyers cover upfront costs. The loan is reduced over time and does not need to be repaid if the owner continues living in the home.

In some cases, employers, such as hospitals or universities, could also help their workers buy homes nearby.

Possible Benefits

Helps renters become homeowners
Moderate-income renters who can afford monthly payments but lack savings could become homeowners.

Increases owner-occupied housing
More homeowners can lead to longer-term residency, more consistent property upkeep, and greater neighborhood stability.

Supports wealth-building
Homeownership allows households to build personal wealth over time through mortgage payments and rising home values. In some Akron neighborhoods, home values have increased significantly in recent years.

Can attract additional private investment
Employer partnerships and other contributions can stretch public funding further and support local workforce stability.

Possible Tradeoffs

More buyers may push prices up
If more people can buy but supply stays the same, home prices may rise.

Requires ongoing monitoring
The program needs staff to make sure buyers follow the rules.

Homeownership brings new costs
Owners must pay for repairs, taxes, and maintenance that renters do not.

Limits flexibility to move
Buyers must stay in the home for a set period to keep the benefit.

What $100,000 Per Year For 10 Years Could Do

An investment of $100,000 per year could support about 100 new homeowners over 10 years, depending on how much assistance each buyer receives.

• At $7,500 per buyer (5% downpayment on a $150,000 home), at least 13 households per year could be supported (roughly 133 households over 10 years).

• At $10,000 per buyer (5% downpayment on a $200,000 home), about 10 households per year could be supported (roughly 100 households over 10 years) This level is often enough in neighborhoods where homes cost $70,000 to $100,000 and upfront costs range from $5,000 to $8,000

• At $15,000 per buyer (5% downpayment on a $300,000 home), about 67 households over 10 years could be supported

Note: These $100,000 examples are meant to help you compare the options. Actual costs and results will vary based on program design and may be higher due to administrative needs.

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