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The Greater Ohio Policy Center's report "Build in Akron: Opportunities for Residential Reinvestment in Akron's Neighborhoods," outlines strategies tailored to each Akron neighborhood to help create demand, encourage new construction and raise property values.

(Greater Ohio Policy Center)

AKRON, Ohio - Merriman Valley and Chapel Hill are ready for new homes, according to a report released Thursday. Goodyear Heights and Sherbondy Hill have a while to wait.

But all of Akron's 24 neighborhoods can boost housing and population through seven strategies, according to "Build in Akron: Opportunities for Residential Reinvestment in Akron's Neighborhoods."

"While that's not surprising to us, it sort of bucks the trend or narrative that Rust Belt cities often tell about themselves," said Alison Goebel, executive director of Greater Ohio Policy Center, which partnered on the report with the Ohio-based DiSalvo Development Advisors.

The report -- which breaks each neighborhood into one of four categories of ripeness for development -- dovetails with the city's "Planning to Grow Akron" residential housing report released last week. That report details how Akron plans to grow from 198,000 residents to 250,000, in part by offering residential tax abatements.

In the past, Summit County developers have been hesitant to invest in Akron because home values in most neighborhoods are low and market-rate developments are seen as too financially risky, says Thursday's report.

"There are not going to be developers that come into those neighborhoods without a big strategy and significant subsidies from the public sector," said Torey Hollingsworth, Ohio Policy Center's manager of research and policy.

Seven strategies outlined in "Build in Akron" are tailored to each neighborhood to help create demand, encourage new construction and raise property values:

Rebuild the downtown rental market to create a pipeline of single-family buyers, mainly through office-to-residential conversions. Create additional mixed-use districts in future hot spots to broaden the appeal of urban living and meet pent-up demand for housing in high-density urban and mixed-use environments. Address the challenges of lower appraised values in future hot spots and neighborhoods poised for growth. For example, in Detroit, banks and philanthropic organizations worked together to create mortgage products for loans reflecting home values after repairs. Strategically deploy incentives like tax abatements, particularly in neighborhoods that are poised for growth and future hot spots. Akron is launching a Find mutual interest with hospitals and health systems in neighborhoods that are poised for growth, future hot spots, and below market. Akron stakeholders should engage with health systems to pair housing development with hospitals' broader goals. Encourage market-rate and affordable development by community development corporations in neighborhoods that are poised for growth, future hot spots, and below market. Since Akron has fewer development corporations than other Ohio cities, new opportunities could arise through supporting newer ones. Leverage the real-estate development abilities of public or quasi-public agencies, such as land banks or port authorities, in neighborhoods that are poised for growth, future hot spots, and below market.

To read the full report, visit the Greater Ohio Policy Center's website.

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