How Housing is Paid for and Improved | aka Housing Investment
Building new homes and fixing existing ones requires money from many sources.
Where housing investment comes from
In Akron, housing investment comes from:
The city
The county
The state
Nonprofit organizations
Private developers
Each plays a different role in paying for construction, repairs, and neighborhood improvements.
Who provides housing funding and support
Key actors include:
City of Akron Community Reinvestment Housing Council oversees Akron’s residential tax-abatement program, which reduces property taxes for a set number of years when developers build new homes or make major repairs.1
City of Akron Department of Business and Real Estate Development manages city-owned land and runs programs that support housing development, including land sales, grants, and loans.2
Akron Metropolitan Housing Authority (AMHA) operates public housing and the federal Housing Choice Voucher program, helping low-income households afford rental housing.3
Summit County Land Bank acquires abandoned and tax-delinquent properties, clears titles, demolishes unsafe structures, and transfers land for redevelopment or side-lot use.4
Development Finance Authority of Summit County (DFA) supports housing and community projects by helping secure financing. This includes issuing bonds and working with affiliated nonprofits.
Summit County Affordable Housing Trust Fund (a partnership between the Western Reserve Community Fund and the County of Summit) provides financing to build, preserve, and repair affordable housing.5
Ohio Housing Finance Authority (OHFA) finances affordable housing development and supports homeownership through mortgage programs and housing tax credits.
Ohio Department of Development runs state programs that support housing development, home repair, homeownership, and lead-hazard reduction.
How rules affect housing investment
Rules at the city, county, and state levels affect how housing is paid for in Akron:
Some choices are made locally, while others are set by Ohio law.
At the local level, Akron uses programs that support housing development. One lowers property taxes for a set number of years when new homes are built or older homes are repaired.
Akron can also use tax increment financing (TIF). This helps pay for streets, sewers, and water lines near new housing. When property values rise after development, part of the increase helps cover those costs. These tools are usually used for apartment buildings or subdivisions, not single-family homes.
Ohio law sets limits. State law decides how long tax incentives can last, which projects qualify for assistance, and what conditions cities can require.6
State law also controls foreclosures and transfers to the Summit County Land Bank. The city can point out problem properties, but it cannot take ownership of abandoned or tax-delinquent homes by itself.7
Many large housing programs are run by the State of Ohio. Two key agencies are the Ohio Housing Finance Authority and the Ohio Department of Development. Their programs focus on affordable and subsidized housing, which affects the kinds of homes developers choose to build.
Ohio offers very few programs that support market-price housing. One exception is the Ohio Historic Preservation Tax Credit, which helps pay to fix up older buildings.
State law also limits what cities can require from outside investors or owners. Some of these limits are being challenged in court.8
Recent housing investment activity
In recent years, developers, nonprofits, and public agencies have invested in housing across Akron:
Subsidized rental housing has been supported through Low-Income Housing Tax Credits plus local, state, and federal funding.
The Akron Home Repair Program (funded by the American Rescue Plan Act) gives grants of up to $25,000 to low-income and senior homeowners for needed repairs. Funds must be used by December 2026.9
The Summit County Land Bank received Welcome Home Ohio funding. This program helps people buy, repair, or build homes if their households earn up to 120% of the area’s typical income.10
Some market-price housing has also been built since 2020. This includes small infill projects, new subdivisions, and some condominiums in and near downtown. These projects are less common than subsidized rental housing.
Permits for new construction or major repairs were issued for about 2% of properties in each census block group between 2017 and 2022.11
Akron has a large amount of vacant land. On average, about 11% of land across Akron is vacant.12
Some vacant land is owned by the City of Akron or the Summit County Land Bank and could be used for future housing.
Investor buying has increased. Investors from the region and from outside Ohio have been buying more lower-priced homes and turning them into rentals. This reduces the number of lower-cost homes available for residents who want to buy and live in them.
Why this part of the system matters
Public and private investment influences what housing gets built, repaired, or preserved. These decisions affect the availability of affordable housing, the condition of existing homes, and where development happens. Funding programs and incentives play an important role in shaping housing outcomes across Akron.
1. Akronohio.gov - Community Reinvestment Housing Council
2. Akronohio.gov - Business and Real Estate Development
3. Housing with Dignity: Seventy-Five Years with the Akron Metropolitan Housing Authority
4. Ohio Revised Code 1724.04;Summit Land Bank - Land Bank 101
5. Development Finance Authority - Who we Are
6. Ohio Revised Code §3735.67 et seq
7. Ohio Revised Code Ch. 5721; Summit County Land Bank 101
8. https://ohioconstitution.org/cleveland-heights-attack-on-outsider-ownership-unconstitutional/
9. https://www.akronohiorescue.gov
10. Ohio Department of Development
11. Housing Action Plan for Akron (2024, p. 47)
12. 2024, p.25