Citizen Portal
Sign In

Akron council backs $400,000 bridge loan to rehab 32 apartments in Ward 8

Akron City Council · February 3, 2026

Loading...

AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

Council approved backing for a $400,000 bridge loan to JCI Capital to renovate 32 Zahn Drive apartments in Ward 8, aimed at preserving affordable units and enabling bank financing; the ordinance passed 11–2 after questions about loan terms.

Akron City Council voted to back a $400,000 bridge loan to JCI Capital intended to rehabilitate 32 apartments at a multi‑building complex on Zahn Drive in Ward 8, a move supporters said will preserve affordable units and prevent sale to absentee owners.

The measure, presented by Councilman Bruce Bolden, authorizes city support so the owner can obtain bank financing for renovations. Bolden said the project covers eight buildings and that units will be upgraded with $3,000–$5,000 in repairs per unit. “This loan will help them to do that, and they will take care of their residents,” Bolden said, adding that rents fall within HUD’s affordable housing rates for the area.

Opponents pressed for more full-term details before authorizing city backing. Councilman Garrett asked, “Why are we bringing forth the legislation without all of the details in terms of the budget, in terms of the terms, the entire package,” and cautioned against approving support before loan terms are finalized. Bolden responded that the city’s backing is needed so the bank will close and that the loan is expected to be interest‑only for approximately 18–24 months.

Council suspended the rules to consider the item and approved the ordinance by roll call, 11 to 2. Council members raised two main concerns during debate: (1) the city had not yet finalized the specific loan terms and (2) the city should ensure sufficient safeguards and reporting to confirm the funds are used for the stated rehabilitations. The sponsor and planning staff said loan terms will be provided to council the next day and described the measure as a model approach for investing in multiunit properties in neighborhoods that do not otherwise qualify for certain federal programs.

What’s next: the administration and the planning director said they will share the specific loan terms and implementation details with council prior to closing the loan. No final contract was presented on the council floor; the ordinance authorizes the city to proceed with backing if the loan is awarded.