Akron Life November 2023

Overc o ming HOMEBUYING OBSTACLES ACAR REALTORS® can help potential homeowners find programs and incentives from many di ff erent sources to help with the home buying process. Here is a sampling:

AKRON Akron’s Community Reinvestment Area Residential Tax Abatement Program allows homeowners to pay taxes solely on the pre-improvement assessed value of the resi dential property for 15 years after improve ments are completed. New construction of single-family homes or multi-family inves tor-owned properties are eligible. So are existing single-family and multiple family housing rehabilitation projects with a min imum cost of $5,000. After 15 years, the property is taxed at its total post-improve ment assessed value. Properties must meet zoning requirements. Major improvements that may qualify for a homeowner’s tax abatement include: new construction, additions, new addition al bathroom, new or enlargement of a ga rage, and the remodel of basement or attic into living space.

a two-family home with a maximum sales price that does not exceed $213,000. All applicants must meet HUD Gross In come Limits. In addition, applicants must: • Receive certification of completion of pre-purchase and home maintenance counseling from a HUD-approved agency • Contribute a minimum 3.5% of the sales price toward the home purchase • Receive approval and first mortgage commitment for the purchase of the house from a mortgage lender. Applications are available on the web at clevelandheights.com and hrrc-ch.org. Eligible properties must be occupied by the seller or vacant for a minimum of 90 days. The property will be inspected for health and safety code violations and de fective paint.

According the City of Akron, tax abate ment has impact because new home construction and renovation increases the value of surrounding properties and fi lls vacant lots. New construction cre ates population growth and demand for small businesses, schools and communi ty services. Information: City of Akron Tax Abatement, Department of Planning and Urban Devel opment, 330-375-2090, akronohio.gov. CLEVELAND HEIGHTS The City of Cleveland Heights offers its Down Payment Assistance Loan Program for eligible owner-occupant homes. The program provides up to $10,000 down payment assistance for a single-family home with a maximum sales price not ex ceeding $166,000. A $10,000 down pay ment assistance loan is also available for

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