Community Reinvestment Housing Council
In 2017, Akron City Council unanimously passed ordinance 122-2017 to create a Community Reinvestment Area (CRA) within Akron, designate a housing officer to administer the CRA program, and create a community reinvestment housing council, in order to incentivize new housing construction and housing rehabilitation/remodeling in the city.
This ordinance also established the residential tax abatement program in the city. The City of Akron's residential property tax abatement program exempts 100% of the added property value on any new home construction or home renovation (valued at approximately $5,000 or more), for a period of 15 years.
Members
The Council consists of two members appointed by the Mayor, two members appointed by the City Council, and one member appointed by the Akron Planning Commission. The majority of the members shall then appoint two additional members who shall be residents within the Akron CRA (the "Housing Council"). Terms of the members of the Housing Council shall be for three years. An unexpired term resulting from a vacancy in the Housing Council shall be filled in the same manner as the initial appointment was made.
This ordinance also established the residential tax abatement program in the city. The City of Akron's residential property tax abatement program exempts 100% of the added property value on any new home construction or home renovation (valued at approximately $5,000 or more), for a period of 15 years.
Members
The Council consists of two members appointed by the Mayor, two members appointed by the City Council, and one member appointed by the Akron Planning Commission. The majority of the members shall then appoint two additional members who shall be residents within the Akron CRA (the "Housing Council"). Terms of the members of the Housing Council shall be for three years. An unexpired term resulting from a vacancy in the Housing Council shall be filled in the same manner as the initial appointment was made.