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Doctor asked to help in Ohio execution attempt
Reports on consumer confidence, GDP tug at stocks
Boy left in truck, dad goes to strip club
Obama: U.S.-Indian ties help define 21st century
Investigators: Ky. census worker committed suicide
Consumer group warns about toy hazards
Police say census worker committed suicide, staged it to look like a slaying
Hispanic group sues Ohio over license plate policy
Albert Pujols wins second consecutive National League MVP Award
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2 men shot during party in Fairlawn
Several people hurt in Akron crash
Cancellation of Christmas not an option
Akron man killed in crash on his street
Victim of beating in Kent last week is declared dead at Akron hospital
Police: Pennsylvania man killed misbehaving puppy before Steelers game
Akron Circle K store robbed for second time this month
KSU suspends basketball player
Akron Children's Hospital CEO, wife announce $1 million gift to support research
Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Gas station robbery suspect caught
Zips coach to learn his fate soon
Blogs:
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A Dog Named Christmas – Pet for the Holidays
The Heldenfiles:
Viewing Notes
Patrick McManamon:
Of pass interference and alleged "fake" injuries
Akron Zips:
No. 1 Akron to play Stanford next
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Audio: Mangini disputes Poteat call, accuses Lions of faking injuries
Kent State Sports:
Flashes travel to Florida Atlantic
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
Buckeye Football – Present and Future
Varsity Letters:
Gulley to visit Central Michigan in December
All Da King's Men:
The Onion, By Any Other Name…
Blog of Mass Destruction:
Glaring Contradictions
Akron Law Café:
Don't Try to Have Fun if you are Depressed
See Jane Style:
Vintage Chic
Car Chase:
What Automotive Thing Are You Thankful For?
Let's Talk Real Estate:
Tasty Confections Coming to Beachwood
Ohio Travels with Betty:
Monique asks how to get tickets for the Polar Express.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Personal Rant – Why I am Glad I live in NEO
Akron Gamer:
Nintendo's Mario endures even as games come and go
By Rick Armon
Beacon Journal staff writer
POSTED: 04:12 p.m. EST, Jan 08, 2009
The Summit County Port Authority will decide by next month whether to issue tax-exempt bonds to support a new, unusual foreclosure prevention program.
''We have to make sure everything checks out and it smells right,'' port Chairman Steven Kasarnich said today at a public hearing at the Akron-Summit County Public Library downtown.
About 50 people a mix of government and business leaders, and homeowners who have already agreed to participate showed up to listen, ask questions and comment on the proposal.
American Homeowner Preservation Inc., a new nonprofit company in Cincinnati, has asked the port authority to issue $12.5 million in bonds to fund the program, which involves AHP buying homes and then leasing them back to the homeowners at lower monthly rents so they can avoid foreclosure.
The homeowners then would have the option to rebuy their homes after three years, paying AHP the cost of the home plus a 15 percent fee.
The program would be the first of its kind in the nation, AHP Executive Director Rob Fredericks said.
Many housing and legal experts are skeptical, though, noting that the business model has been used as a foreclosure scam in the past.
But Fredericks said the company has safeguards in place to prevent abuse, including putting the purchase option on the title for the homeowner. Victims of foreclosure will end up as renters anyway, so why not give them a chance to stay in their home and buy it back, he said.
Several people at the hearing said they wanted the port authority to investigate the company thoroughly. Since AHP is new, it has no track record of success and details about its California owners are limited.
Many of those in attendance said they support the effort.
David Blumberg, president and chief executive officer of Blumberg Investments Inc. in Akron, called the idea simple and brilliant, adding that the port authority should approve the request.
''This is a great way to stabilize neighborhoods,'' he said.
The port authority, an economic development agency, would issue the bonds, but not guarantee them. County taxpayers would not be responsible in case of default.
Despite there being no financial liability for the port, agency President Chris Burnham said there is some risk.
''We have a good name to protect,'' he said.
Don Stuver, 65, of Akron, who has signed up for the program, said he wants to see the port approve the bond deal.
''I certainly think that it does sound too good to be true, but it just might work,'' he said. ''What harm is it to try?''
The next regular board meeting for the port is Jan. 20. The board then meets again Feb. 17.
For more details about AHP, call 800-555-1055 or go online to http://www.ahpoh.org.
For more details about the port authority, call 330-762-4776 or go online to http://www.summitportauthority.org.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
The Summit County Port Authority will decide by next month whether to issue tax-exempt bonds to support a new, unusual foreclosure prevention program.
''We have to make sure everything checks out and it smells right,'' port Chairman Steven Kasarnich said today at a public hearing at the Akron-Summit County Public Library downtown.
About 50 people a mix of government and business leaders, and homeowners who have already agreed to participate showed up to listen, ask questions and comment on the proposal.
American Homeowner Preservation Inc., a new nonprofit company in Cincinnati, has asked the port authority to issue $12.5 million in bonds to fund the program, which involves AHP buying homes and then leasing them back to the homeowners at lower monthly rents so they can avoid foreclosure.
The homeowners then would have the option to rebuy their homes after three years, paying AHP the cost of the home plus a 15 percent fee.
The program would be the first of its kind in the nation, AHP Executive Director Rob Fredericks said.
Many housing and legal experts are skeptical, though, noting that the business model has been used as a foreclosure scam in the past.
But Fredericks said the company has safeguards in place to prevent abuse, including putting the purchase option on the title for the homeowner. Victims of foreclosure will end up as renters anyway, so why not give them a chance to stay in their home and buy it back, he said.
Several people at the hearing said they wanted the port authority to investigate the company thoroughly. Since AHP is new, it has no track record of success and details about its California owners are limited.
Many of those in attendance said they support the effort.
David Blumberg, president and chief executive officer of Blumberg Investments Inc. in Akron, called the idea simple and brilliant, adding that the port authority should approve the request.
''This is a great way to stabilize neighborhoods,'' he said.
The port authority, an economic development agency, would issue the bonds, but not guarantee them. County taxpayers would not be responsible in case of default.
Despite there being no financial liability for the port, agency President Chris Burnham said there is some risk.
''We have a good name to protect,'' he said.
Don Stuver, 65, of Akron, who has signed up for the program, said he wants to see the port approve the bond deal.
''I certainly think that it does sound too good to be true, but it just might work,'' he said. ''What harm is it to try?''
The next regular board meeting for the port is Jan. 20. The board then meets again Feb. 17.
For more details about AHP, call 800-555-1055 or go online to http://www.ahpoh.org.
For more details about the port authority, call 330-762-4776 or go online to http://www.summitportauthority.org.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
Thank goodness! I thought I'd missed some horrendous earthquake that had changed certain envrions in Summit County into lakefront property along the Northcoast!
~~~
Welcome to the Summit County Port Authority
Investing in Summit County and Northeast Ohio
The Summit County Port Authority works with executives, economic development professionals, financial professionals, and the business community to bring economic development to Summit County and Northeast Ohio. Our overarching goal is to drive community development and enhance the economy and quality of life in our region.
The Port Authority combines the power of a municipality with business and financial acumen to the mutual benefit of our industry partners and our community. We provide significant funding and trade advantages to businesses expanding or relocating in or near the county. These include:
Economic Development
Fixed-rate Bond Fund Programs
Conduit Financing Programs
Brownfield Reclamation
Foreign-Trade Zone
Industrial and Commercial Park Development
Community Development
~~~
Hm...aside from making bad loans to the likes of Twinsburg(Township)(was it?), and apparently being an unknown entity not only to myself but the mayors of Stow, Hudson & Macedonia, what does the Port Authority do and how much of our tax dollars are they sucking up to do it?
