PLANNING & EXECUTION
As we reflect on the past year, our efforts and partnerships focused on the need to close the affordable housing gap in Summit and Stark Counties. While we made great progress, the need for our work has never been more urgent. The affordable housing gap is approximately 11,000 units in Summit and 7,000 units in Stark County. Access to affordable housing is one of the most important factors in helping people and communities overcome barriers to success.
Research shows that affordable housing helps low-income residents save money, access better jobs, improve health outcomes and reach critical community services. Affordable housing also contributes to significant economic impact, including increases in local purchasing power, job creation, and new tax revenues.
Building on the legacy we inherited, EANDC is a strong and focused community partner in affordable housing, and we look forward to addressing this community need through thoughtful planning and execution.
EANDC DELIVERS
Dear Community Partners & Friends,
At East Akron Neighborhood Development Corporation, a promise made is a promise kept. Despite a year of complex financial and logistical challenges, the support of our generous community partners and the commitment of our staff and board of directors made it possible to continue the ambitious plans we set in motion before COVID-19.
2021 was a year of planning, follow-through, and execution.
With the assistance of our partners at NeighborWorks, we refinanced 60 single-family homes in Massillon. These home are currently rented at 100% occupancy, and the new financing terms will position EANDC to help tenants become homeowners. One unit has already been sold to a longtime tenant, and for those who have lived in their units for over 3 years, downpayment assistance of $1,000 per year of residence is now available.
We undertook the refinancing of the Middlebury Market Plaza, the commercial plaza offering a community grocery partnership with Dave’s Supermarket. Strengthening this investment ensures the community will continue to benefit from local jobs, services and food access provided by a quality community grocer.
The groundbreaking of I Promise Housing in September was one of our most widely celebrated accomplishments, but no one could have planned for the 24% increase in construction costs we would incur due to inflation and supply chain issues. Our financial acumen (and creativity) paid off. By requesting additional tax credits from the state, improved terms, and grants from our funding partners at Huntington and Premier Bank, we were able to overcome the shortfall and close financing in December 2021.
As always, we are deeply grateful for the people and organizations who continue to believe in our mission and invest in the belief that everyone deserves access to quality, affordable housing.
CHERYL STEPHENS | PRESIDENT & CEO
DAVID BUCHANAN | CHAIR, BOARD OF DIRECTORS
Cheryl Stephens
President & CEO
David Buchanan
Chair, Board of Directors
CENTER FOR HOMEOWNERSHIP
“This course will meet you where you are and bridge the gap to where you’d like to go. This class challenges your thought processes to interrupt patterns and spending behaviors that are
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