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NORTH AKRON NEIGHBORHOOD HOME TO NEW HOMES |
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(April 21, 1999) The East Akron Neighborhood Development Corporation, a non-profit housing developer, is launching the construction of 38 new single family homes to be known as North Akron Homes. Groundbreaking for the project took place today in a neighborhood on Akron's near north side, just east of Howard Street. Twenty of the homes will have 3 bedrooms and 20 will have 4 bedrooms. All will be built on lots of at least 5,500 square feet and will be at least 50 feet wide. Each home will have a garage with a double driveway and will accommodate future expansion. Families will be able to lease a 3 bedroom home for approximately $400 per month and a 4 bedroom for $440 per month. At the end of the 15 year least period, the homes can be purchased for the value of the outstanding mortgage, which is anticipated to be approximately $40,000. The homes are being targeted to working families making less than the medium income. (i.e. a family of 4 earning less than $24,000 per year.) This is the 5th such housing venture by the East Akron Neighborhood Development Corporation. Each previous home construction effort has focused its development in specific Akron neighborhoods. This development focuses on North Akron where 20 of the 38 new homes will be built. Mayor Don Plusquellic said, "These new homes are part of Akron's total neighborhood strategy. The City has targeted the neighborhood for clean-up, removed poor quality structures, and is assisting in the rehabilitation of many of the homes that remain through our Housing Petition Program. The City will be following up with the construction of additional new single family ownership homes by the Urban Neighborhood Development Corporation (UNDC). UNDC homes are available at attractive prices to persons of all income ranges. This beautiful valley is part of our Cascade Park complex. The Ohio & Erie Canal and Cascade Locks are just west of here and the Little Cuyahoga River flows just one block to the south. Akron's strategy is to foster the construction of new neighborhoods for families. Homes and families that can grow and prosper with the City." The investment in this single family home venture is $4.3 million. Project first mortgage financing is by Charter One Bank. The City of Akron and the State of Ohio also made 2nd position loans to the project of $240,000 and $300,000 respectively. Equity for the project has been provided by Ohio Equity Fund Group by taking advantage of Federal Housing Tax Credits. Housing construction is being managed be co-developer, Neighborhood Revitalization Partners.
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