"Our past success in building new homes for city residents bodes well for the future," said Mayor Plusquellic. "There is a pent-up demand for new housing in our older neighborhoods. New generations of Akron families want to stay in the city, but they also want to live in homes that are newly-constructed or newly remodeled. To be a successful city, we need both in the future - - - newly built homes and older homes that are well maintained."

Helping to fuel the initiative is the commitment to Akron announced by Nehemiah President Scott Syphax. He said that the national company is prepared to offer Akron’s non-profit housing agencies and social service agencies up to $5.5 million of loans below the prime rate to build new housing. Nehemiah has completed successful financing projects in five states and has an ongoing relationship with the U.S. Conference of Mayors, of which Plusquellic is president-elect.

"This is the newest city in Ohio we’ve offered to assist," Syphax said. "Mayor Plusquellic’s vision for the city and his nationally-recognized leadership make Akron the perfect place to expand our business in Ohio."

The Housing Initiative will be described in the Consolidated Plan that details expenditures for community development funds the city receives from the federal government. It is reviewed every Fall before submission to the Department of Housing and Urban Development. The Consolidated Plan will be presented to the City Planning Commission on October 17 and will then be submitted to Akron City Council, with approval required by November 10 to meet the submission deadline by the U.S. Department of Housing and Urban Development.