ACAR Announces Support for Summit County Housing Trust Fund

By Jamie McMillen posted 07-06-2021 12:49:17 PM

  
Recently, ACAR's Legislative Committee and Board of Directors were invited to hear a presentation on the newly created Summit County Housing Trust Fund. After further review and discussion, the Board of Directors issued a letter of support. An excerpt of the letter is below, along with links to learn more about the program.

...ACAR subscribes to the notion that new housing opportunities, necessary infrastructure, and economic development enhance future growth and quality of life in northeast Ohio. Our region, like much of the country, is facing an unprecedented housing inventory shortage, and experts have noted that new construction is key. Further, we know based on a 2020 housing affordability study of Akron commissioned by ACAR, that many of our residents are housing cost-burdened. Additional housing opportunities and infrastructure are essential to continued economic growth in northeast Ohio.  

 

The Summit County Housing Trust Fund will aid in the revitalization of the region through grants, non-forgivable loans, forgivable loans, or other funding mechanisms. Of note, funding for the Summit County Affordable Housing Trust Fund differs from other Housing Trust Funds as the money is allocated through Summit County and private partnerships, and not an additional tax added on to the residents in the region.

 

 For the reasons outlined above, the Akron Cleveland Association of REALTORS® strongly supports the Summit County Affordable Housing Trust Program through the help of Western Reserve Community Fund...

  • Watch the presentation here.
  • Powerpoint slide deck here.  

For more information on the Housing Trust Fund, visit: https://co.summitoh.net/news/17017/news_upload/housingtrustfund-grant.pdf. 

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