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Plusquellic is requesting $23.5 million to fund rescue for homeowners
By Stephanie Warsmith
Beacon Journal staff writer
Published on Thursday, Nov 27, 2008
The city of Akron is requesting $23.5 million in federal bailout funds for a pilot program to help those facing foreclosure, Mayor Don Plusquellic said Wednesday during a news conference.
The city would use the money to negotiate with banks and to restructure loans so homeowners can remain in their homes, Plusquellic said.
''We need a program that helps people before they fall off the wall,'' he said, making a Humpty Dumpty reference.
Plusquellic recently sent a letter to Henry Paulson, the U.S. treasury secretary, asking for money for the program from the federal emergency economic stabilization fund.
''It is our belief that this bridge approach will implement the intended purpose of Congress to assist the financial institutions and at the same time address the need to assist current homeowners, allow them to stay in their homes and stabilize our community,'' he wrote.
Akron had 1,445 foreclosures in 2007 and is expected to have a similar number this year, Plusquellic said in his letter.
Plusquellic said the city wanted to get its proposal in to the federal government early. He said he anticipates the government contacting the city and asking to meet to discuss the idea.
''Whether it will get accepted or not, I don't know,'' he said. ''I think it makes a great deal of sense.''
Plusquellic also discussed two other city programs to address the foreclosure problem.
The first is a Neighborhood Stabilization Program that the city plans to start with about $8.6 million it is slated to receive, probably in March, from the U.S. Department of Housing and Urban Development.
The money would be used for home-purchase assistance for those who have lost their houses and are renting or staying with a family member or friend. The city would rehabilitate existing houses and make them available to those deemed a good credit risk, said John Moore, Akron's interim director of planning and urban development.
''The whole idea is to establish more homeowners,'' he said.
About a fourth of the funds would go to those who are at or below 50 percent of the city's median income of $30,850 for a family of four.
The second program involves a joint effort between the city and the Neighborhood Assistance Corporation of America (NACA) to help Akron homeowners by negotiating on their behalf through banks and mortgage companies to restructure their loans, Plusquellic said.
NACA, based in Boston, has been providing this assistance through its Cleveland office. Beginning Dec. 15, the agency will open a satellite office at the Balch Street Community Center, 220 S. Balch St. in Akron.
NACA, one of the largest and fastest growing non-profit mortgage service agencies in the country, will hold foreclosure workshops and staff its Akron office two days a week.
Stephanie Warsmith can be reached at 330-996-3705 or swarsmith@thebeaconjournal.com.
The city of Akron is requesting $23.5 million in federal bailout funds for a pilot program to help those facing foreclosure, Mayor Don Plusquellic said Wednesday during a news conference.
Get the full article here.
Comments
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akron, oh
Posted 04:20 AM, 11/27/2008
What does one learn in a foreclosure 'workshop'? Lesson one: pay your mortage.
Sharon Twp, Oh
Posted 08:05 AM, 11/27/2008
....''The whole idea is to establish more homeowners,'' he said......
This is what started the housing mess. Wash, rinse, repeat.
akron, oh
Posted 10:01 AM, 11/27/2008
Plusquellic should provide city services, and low taxes. So employers will find it conducive to be here. With jobs forclosures will drop. hHow much salt would Plusquellic and his entourage's trip to China and Israel buy?
wwwchangeakronnow.com
Posted 10:13 AM, 11/27/2008
This is the Mayor and his cronies formulating a plan to make some big money. Who is going to get all the contracting work? Guaranteed it will be someone in "the club". Who is going to get the profits from the sale?
What does John Moore consider "a good credit risk"????
How much money does it cost to renegotiate loans for people and why can't the owners pick up the phone and call themselves if they want to keep their home?
What is going to happen when these houses go into foreclosure AGAIN ... repeat performance?
Akron isn't going fill these empty houses with homeowners and never will ... just like any city. What Akron needs is more investors to rehab and rent and provide safe, sanitary homes at a reasonable rent. Rental demand is HUGE in Akron!!!!! People are begging for a decent place to live. Unfortunately, increased oversite by the Akron Health Department,increase in permits and more stringent inspections, increase in taxes, decrease in rents etc. have caused most landlords to throw in the towel around here. Every investor I know, goes outside of Akron to invest ... can you blame them?
Akron, oh
Posted 10:34 AM, 11/27/2008
If he doesn't get it from the government, then surely he is going to try and get it from us. The problem with The Don is that everytime he comes up with these ideas, people automatically think that it is a scheme. The Don has lost considerable credibility, the people just don't trust him.
Akron, OH
Posted 11:24 AM, 11/27/2008
I have to give the city hall hero credit. He does come up with an endless stream of ideas on how to get tax dollars to run through his fingers.
Iff'n only he actually applied any of it to the betterment of the city.
akron, OH
Posted 11:28 AM, 11/27/2008
I suspect that Don's vision really is...put people that earn under $32K a year in all of those sweet developer deals at Northside, Hickory Street & soon off Spicer street that no one wants but we'll give to AMHA later and call it progress and helping the poor? Its nothing but a distraction from his inability to create good paying jobs over the past 20 years because he's focused on keeping the status quo and going on trips out of country to NO-WHERE!
Hey, until we get someone who can turn Akron into a place where people can get ahead instead of a hand out, this town will go no where!
Dade City, Fl
Posted 12:26 PM, 11/27/2008
The Mayor of Akron is party to the overtaxation of the citizens of Akron. The state of Ohio's Bob (Daft) Taft made sure the whole state was overtaxed.
Politicians are money grabbers. The polititicians think it is their job to take as much of your money as possible without causing people to riot or have a revolution.
Many places people try to live now overtax you until you can't afford to live their anymore. Basically, they are saying your not welcome anymore. Thank you for helping us pay for and building a better city but you are no longer welcome, go live somewhere else that you can afford, like the slums.
This especially has a negative impact on the elderly, long term residence that helped build Akron and Ohio.
I left Ohio over 3 years ago just for these very reasons. Greedy politicians and corporations and businesses that want slave labor.
I still have property in Akron even though thugs burnt the house down. Akron, just is not a safe or nice place to live anymore. The politicians and the out for themselves businesses have destroyed it.
Remeber folks, keep passing them school and other levies. Soon it will be your turn to have to leave.
akron, oh
Posted 12:31 PM, 11/27/2008
Mike - you say rentals are in high demand? Are you crazy? There are more and more 'for rent' around now than ever.
Posted 07:10 PM, 11/27/2008
Asking for money from Dom plusquellic should go like this.
Hello my Name is Don Plusquellic and i have been mayor for Akron for over 20 years. With my poor leadership I m coming close to bankrupt this fine city.
Please reward me for my bad job
I need money to cover my incompetence
WADSWORTH, OH
Posted 07:46 PM, 11/27/2008
ok so lets say i have $180,000.00 in a bank-the bank goes belly up-i lose 80 grand-yet the big 3,AIG and everyone else gets bailed out-wtf shouldnt THE DON go after a littlehelp for the middle class-go back to economics classes u idiots!!
Posted 07:57 PM, 11/27/2008
Actually, they raised it to $250K for the time...
As for helping those in need...what about those that are barely getting by, yet make to much to qualify for assistance?
Posted 08:17 PM, 11/27/2008
Mark:
I agree with everything you said ... wondering where you moved to?
James:
Yes, rental demand is sky-high in Akron. If I run an ad in the ABJ for a week say for Goodyear Heights, I get at least 50 calls. People can't find a decent place, in the city, to live ...
Posted 08:32 PM, 11/27/2008
THE ANSWER IS MOVE the HE-- out of Summit County ...Let mayor Don stick their stupidTAX RATE up his but!!!!!!!!!!!
Posted 06:57 AM, 11/28/2008
Plusquellic,
Its ok to ask the federal government for money to help people, but why don't you stop and think that you are part of the problem, you had your friends help you get in this mess, and we know it. You screwed the Akron people by the taxes you brought to the city, look at what you did with the schools, we didn't need new schools, the enrollment is down and you knew that, but what do you care, go to the taxpayer to get it, and then you raise it again and Small goes out on a retirement, and still the schools are in a financial bind, so keep doing what you are doing and more people will lose their homes, and we hope you get thrown out of office because you didnt do us a bid of good, everything you do, seems like a failure, so why dont you admit it, so keep your buddies and make sure they get wealthy off our taxmoney and keep screwing the people of Akron. You let a police chief retire on full pension, that shouldnt of, he screwed up the police force, this is the way you are, you are a rotten mayor, and Akron knows it, quit waisting are tax dollars and maybe Akron will survive, best yet why dont you leave and then Akron can survive and get someone in their that cares. The comment you made about #8 and the sewer , I am glad we shoved that in your face, and you had the nerve to say their is a place in hell for the people that turned it down, keep putting things on the ballot, because we are fed up with it, and you running the show.
akron, oh
Posted 10:29 AM, 11/28/2008
J: if you are 'barely getting by' then you are still getting by. Quit expecting a handout and realize hard times and being prudent are expected of you.
akron, oh
Posted 03:26 PM, 11/28/2008
I wouldn't let donnie boy get his hands on that money--he'd go and spend it on something--like let's go buy the firestone buildings--yea what is going in them? there's not enough business's around here to support them.
