AKRON'S NEIGHBORHOOD REBIRTH GETS ANOTHER BOOST
Another Akron neighborhood is taking on a new look, thanks to Community Development funds. At his weekly news conference, Mayor Don Plusquellic cut the ribbon on the front porch of a new home and turned over the keys to the house to one of the many new families to move onto Andrus Street on the city's south side as part of the new South Akron Homes development project.
Mayor Plusquellic said this morning, "Akron is a city of strong neighborhoods and today this neighborhood rebirth continues. During the past 11 years, we have invested more than 99% of our Community Development funds in neighborhood revitalization projects such as this. Because of these projects, more than 500 new homes have been constructed throughout the city in areas where only older, worn out homes once existed. I am very proud of what we are doing for Akron's families of today and the future."
In all, 35 new single family homes are being built and 10 existing single family homes are being renovated as part of the $4.6 million South Akron Homes project. The homes will be constructed or renovated under the Affordable Housing Tax Credit Program. Financing for the homes comes from proceeds from:
The City of Akron's investment is a $357,000 loan. This provides families with an option to purchase the units at a substantially discounted price at the end of the 15 year lease. The homes are 1300 square feet. Some have three bedrooms, some have four. Most have basements and attached garages. Currently, 10 of the homes are in move-in condition. The other 35 remain under construction or rehabilitation and all 45 are already spoken for by prospective residents.
The target market for tax credit tenants is primarily moderate income households. Monthly rent will be $360 for a three-bedroom renovated home, $410 for a four-bedroom renovated home, $368 for new three-bedroom homes and $422 for new four-bedroom homes.
Residents can also take advantage of social services provided for them ranging from after-school activities, to child care (provided by the Akron/Summit Community Action Agency), and counseling services.
The East Akron Neighborhood Development Corporation is an investment partner in the South Akron Homes project along with Neighborhood Revitalization Partners, represented here today by Al Scott. The Andrus Street neighborhood project is just one piece of the City of Akron's total neighborhood housing strategy which includes:
The City will continue to encourage the construction of additional middle income, immediate home ownership housing through the UNDC and Arlington Homes program to continue to bring pride and value to Akron neighborhoods.