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 offer low-cost loans to homeowners who live in their homes so they can fix safety issues and make other necessary repairs or upgrades.

In many Akron neighborhoods, home values are relatively low. In areas like Middlebury, Sherbondy Hill, Kenmore, and East Akron, typical home values range from about $70,000 to $100,000. 

Some homeowners can’t qualify for traditional bank loans. That’s because lenders often base loans on the value of the home, and in lower-value neighborhoods, that value may not be enough to cover the cost of major repairs.

As a result, major projects like repairing a failing roof, a broken furnace, or unsafe wiring, can be difficult to afford. In some cases, one major problem that makes a home unlivable could be too costly for a family to fix, forcing them to instead choose to sell the home they have owned for years.

This proposal would provide low-cost loans for essential repairs, including roofs, heating systems, plumbing, and electrical work. It could also support accessibility upgrades such as ramps, grab bars, and safer stairs, so older adults and people with disabilities can remain in their homes.

Recent demand shows how large the need is. Akron’s recent $15 million home repair program served about 600 households, but received far more applications, suggesting many more households still need help.

Possible Benefits

Homeowners who can’t access bank loans could make critical repairs
This creates a path for residents—especially seniors, people on fixed incomes, and families in lower-value neighborhoods—to stay in their homes.

Families can hold on to the value of their home
When repairs are made, homes are less likely to fall into disrepair or be sold under pressure.

Supports aging in place
Safety upgrades can help older adults and people with disabilities remain in their homes longer and reduce the need for more costly care.

Improves neighborhood stability
Research shows that vacant homes can lower nearby home values by about 2–3%. Maintained homes are less likely to be vacant, and occupied homes help stabilize surrounding property values. 

Possible Tradeoffs

Homes may still end up sold to investors
If a homeowner sells after receiving help, the benefit may not stay with local residents unless rules are in place.

Program rules increase cost and complexity
More safeguards mean more staff time and administrative cost.

Not everyone who qualifies will get help
Demand is likely to be higher than available funding, so some households will be left out.

Tension between helping those most in need and loan repayment
People most in need may have the hardest time repaying loans, which can reduce how much funding is available in the future.

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

An investment of $100,000 per year could support approximately 75 households over 10 years, as funds are lent out each year and repaid over time.

• About 5 households per year could receive new repair loans(roughly 50 households over 10 years from new annual lending)

• As earlier loans are repaid, funds can be reused to support an additional 20 to 30 households over time

• Repairs may include major work such as roofs, furnaces, plumbing, or electrical systems (around $15,000 to $25,000 per home)

• Smaller upgrades—such as ramps, grab bars, or bathroom safety improvements—can often be included alongside larger repairs

The total number of households reached depends on how quickly borrowers repay their loans and how those repayments are used to fund new repairs.

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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