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Vote allots $12.5 million to avoid foreclosures
Published on Saturday, Sep 20, 2008
Beacon Journal staff report
The Summit County Port Authority has voted to issue $12.5 million in tax-exempt bonds to help people facing foreclosure on their homes.
The unanimous vote approved the use of the bonds to help finance the work of American Homeowner Preservation Inc. (AHP Ohio), a new nonprofit organization accepting applications from distressed homeowners in the Akron area.
The AHP Ohio program gives qualified owners who are behind on payments and owe more than the home is worth a means of selling the home and then leasing it back at affordable monthly payments.
Participants also have the opportunity to repurchase their homes in three to 10 years at an amount significantly less than the existing mortgage.
AHP Ohio Executive Director Rob Fredericks said families can stay in their homes, ''their children remain in familiar schools, and neighborhoods avoid the blight of additional foreclosed properties.''
The number of Ohio homeowners defaulting on their mortgages is part of a nationwide housing and credit problem.
According to industry research firm RealtyTrac Inc. of Irvine, Calif., Akron has the 12th highest foreclosure rate among cities nationwide, with one in 43 households in foreclosure.
''We all know the housing crisis is hurting people and communities,'' said Akron Mayor Don Plusquellic. ''It is going to take collaboration of the nonprofit, public and private sectors to protect and preserve our neighborhoods.''
The tax-exempt bonds issued by the Summit County Port Authority will be underwritten by Gardnyr Michael Capital Inc. There are no fees or costs to apply and participate.
Those interested can attend informational sessions with AHP Ohio representatives between noon and 5:30 p.m. Wednesday and Oct. 1 at the Ocasek Government Office Building, 161 S. High St., Akron.
To learn more, call 330-470-4200 or visit http://www.ahpoh.org.
Get the full article here.
Comments
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Posted 07:44 AM, 09/20/2008
this ain't right. these are people who did it wrong and now the poeple who followed the rules must pay for their stupidity.
akron, oh
Posted 11:09 AM, 09/20/2008
Well the Port authority is notorious for underwriting lots of projects that lose money. Dont they run the civic??? Great money maker that one is.
