City of Akron Publishes New Housing Action Plan and Market Value Analysis

Akron, Ohio, July 16, 2024 - Today, the City of Akron in partnership with the Greater Ohio Policy Center (GOPC) and the Reinvestment Fund, has released the Akron Housing Action Plan and Market Value Analysis. These tools will help the city spur new housing development, keep long-time residents in their homes, and improve the quality of existing homes for all Akron residents.

"The Market Value Analysis and Housing Strategy Report provide an important and insightful update on the state of Akron's housing market, as well as actionable recommendations for stabilizing our neighborhoods and extending access to quality affordable homes," said Mayor Malik. "This information is timely and will be valuable to City staff as we implement housing programs, and will also assist our nonprofit development partners, builders, and lenders working in Akron."

The Market Value Analysis synthesizes local data and provides insight into the market strengths and weaknesses in Akron's neighborhoods. The City and others will use this data to make decisions about where and how to invest public dollars.

The Strategic Workplan uses findings from the Market Value Analysis to recommend 23 actions that will support new construction and protect existing properties from decline. The Workplan suggests strategies that will increase rental and homeownership opportunities at all price points.

Key Takeaways from the Market Value Analysis:

• Housing values have increased across the city. Citywide, values have increased 75%, but certain neighborhoods have experienced increases of more than 100%, like South Akron and East Akron.
• Some neighborhoods that were deeply distressed in 2017 have stabilized and homes have increased in value by $20,000 to $40,000 due to targeted, strategic blight elimination actions, such as demolition. This includes areas such West Hill and Sherbondy Hill.
• Foreclosures have been halved since 2017, but that could be a function of Covid-related mortgage assistance programs.
• Between 2017 and 2022 the removal of blighted properties across the city's most distressed neighborhoods has created opportunities to bring vacant parcels back into productive use.

Key Recommendations from the Housing Strategic Workplan:

The Plan identifies actions that the City of Akron and other partners should take. Other partners include: community development corporations (CDCs), financial institutions, philanthropy, developers, property managers, and real estate investors.

The 23 recommended actions fall into three major categories:

• Enhance Existing Neighborhoods
• Protect Vulnerable Residents, and Retain/Attract Residents
• Lower Barriers to Development and Redevelopment

Recommendations include:

• Expand home repair programs for owner-occupied properties.
• Create a low-interest revolving loan fund for small local landlords to facilitate investment and maintenance in the city's rental housing stock.
• Work with community organizations to inform property owners about the process of selling a home and particularly how to avoid selling to cash-offer investors, which can squeeze out homeownership opportunities and undermine neighborhood stability.
• Lower barriers to infill redevelopment by reforming outdated development standards such as parking requirements and minimum lot sizes.

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