The City of Akron officially launched its new down payment assistance program this month, offering up to $7,500 to help first-time homebuyers purchase homes within city limits. The program, which was approved by City Council in July 2026 and began accepting applications in August, is funded with $300,000 in federal Department of Housing and Urban Development dollars and targets low- and moderate-income families buying their first home in Akron.
In its first year, the program is expected to help about 33 homebuyers. The initiative represents a significant step in Mayor Shammas Malik’s broader housing strategy, which he first announced during his May 2026 State of the City address. “There are a lot of folks in the city who are paying rent and the rents are comparable or even greater than a mortgage payment would be,” said Kyle Julien, Akron’s planning director. “Let’s try to help them build that family wealth, get that stability.”
The program addresses one of the biggest barriers to homeownership: saving enough cash for a down payment and closing costs. With home prices in the Akron metro area rising 5.23% year over year in 2025 and mortgage rates remaining elevated, many working families have found themselves priced out of homeownership despite paying rent amounts comparable to mortgage payments.
Program details
Who qualifies and how much you can get
Eligible buyers can receive up to $7,500 toward down payment and closing costs
Eligible residents meeting income requirements can receive up to $7,500 toward down payment and closing costs, helping expand access to homeownership for working families. The program specifically targets low- and moderate-income households, though exact income limits have not been publicly specified by the city.
To qualify, applicants must meet several requirements. Buyers are required to put 1 percent of their own money down, and must purchase their homes with a 30-year mortgage. There’s also a maximum limit of $15,000 in liquid assets the buyer can still have after the purchase. The home must be located within Akron city limits and serve as the buyer’s primary residence.
The program is administered by the East Akron Neighborhood Development Corporation, which runs the housing counseling class that potential buyers are required to take to become eligible for the money. That program requires eight hours of financial counseling, which EANDC offers monthly. This educational component ensures buyers understand the responsibilities of homeownership and are prepared for the financial commitment.
The city has structured the program on a first-come, first-served basis, so interested buyers should act quickly once they’re ready to purchase. With only $300,000 in initial funding available and approximately 33 households expected to benefit in year one, the funds could be exhausted relatively quickly depending on demand.
Key requirements at a glance
Maximum assistance: Up to $7,500 for down payment and closing costs
Buyer contribution: Minimum 1% down payment from own funds
Asset limit: Maximum $15,000 in liquid assets after purchase
Mortgage term: 30-year mortgage required
Location: Home must be within Akron city limits
Education: 8-hour homebuyer counseling course required
First-year capacity: Approximately 33 households
The bigger picture
Why Akron launched this program now
Rising housing costs and high interest rates have made homeownership increasingly difficult
Mayor Malik said the initiative is aimed at helping more Akron residents build generational wealth while strengthening neighborhoods throughout the city. “Homeownership remains one of the strongest pathways to generational wealth,” Malik said during the announcement.
The program comes at a time when Ohio’s housing market continues to experience upward pressure. Compared to many parts of the country, the housing market in Ohio is moving along at a relatively strong pace, with home prices continuing to increase and inventory increasing, but not at a fast enough rate to keep up with buyer demand. This dynamic has been particularly challenging in larger metro areas like Akron.
Officials say the program is expected to benefit working families, young professionals, and first-generation homebuyers struggling with rising housing costs and interest rates. The timing is strategic: with mortgage rates expected to remain above 6% through 2026, according to industry forecasts, the additional $7,500 in assistance can make the difference between qualifying for a mortgage and continuing to rent.
Council members praised the program, calling it a very important way to help build homeownership. It was also one of the priorities of the Unify Akron plan, developed by a group of residents who came together to make recommendations about how to improve and expand housing in the city.
The program is part of a broader housing strategy by the Malik administration. Earlier this year, the city issued requests for proposals for affordable housing projects and published a comprehensive Housing Action Plan and Market Value Analysis to guide investment decisions in Akron neighborhoods. The down payment assistance program complements these efforts by helping residents transition from renting to owning, which can stabilize neighborhoods and build household wealth over time.
For more information about the program, prospective applicants can visit the City of Akron Housing and Community Services page or contact the East Akron Neighborhood Development Corporation directly to enroll in the required homebuyer education course.
Your next steps
How to apply for Akron’s down payment assistance
Start with homebuyer education, then work with the program administrator
If you’re interested in taking advantage of this program, your first step is to contact the East Akron Neighborhood Development Corporation to enroll in the mandatory eight-hour homebuyer counseling course. This education requirement isn’t just a formality—it’s designed to ensure you understand the full scope of homeownership responsibilities, from budgeting for maintenance to understanding mortgage terms.
While you’re completing the counseling requirement, start gathering documentation of your income, assets, and credit history. You’ll need to demonstrate that you meet the program’s income requirements and that your liquid assets after purchase won’t exceed $15,000. Also begin saving for your required 1% down payment contribution—on a $150,000 home, that would be $1,500 from your own funds.
Work with a mortgage lender who is familiar with down payment assistance programs. Not all lenders have experience with these types of programs, and you’ll need one who can structure a 30-year mortgage that incorporates the city’s assistance. The lender will also verify that you meet debt-to-income ratio requirements and other standard mortgage qualifications.
Remember that this program operates on a first-come, first-served basis with limited funding. Once you’ve completed the education requirement and have your financial documentation in order, don’t delay in submitting your application. The city has indicated it hopes to continue the program in future years if federal funding remains available, but there’s no guarantee.
Akron buyers should also explore other assistance options that can stack with this city program. Ohio’s statewide programs through the Ohio Housing Finance Agency offer additional down payment assistance ranging from 2.5% to 5% of the purchase price, though eligibility requirements and program rules differ. Some buyers may be able to combine multiple sources of assistance, though you’ll need to verify this with your lender and the program administrators.
For first-time buyers in other parts of the state, check out our comprehensive guide to down payment assistance programs and first-time homebuyer resources to find programs available in your area.
Quick answers
Akron down payment assistance: common questions
Do I have to be a current Akron resident to apply?
The program requires that you purchase a home within Akron city limits and occupy it as your primary residence, but you don’t necessarily need to be living in Akron before you buy. However, you must complete the homebuyer education course through the East Akron Neighborhood Development Corporation and meet all other eligibility requirements including income limits and the liquid asset cap.
Is the $7,500 a grant or a loan I have to repay?
Based on the available information, the structure of repayment has not been fully detailed by the city. Many similar programs offer forgivable loans that are forgiven over time if you continue to live in the home, or deferred loans due when you sell or refinance. Contact the East Akron Neighborhood Development Corporation or the City of Akron Housing Division for specific details about repayment terms.
Can I use this assistance with an FHA or VA loan?
The program requires a 30-year mortgage, but specific loan type requirements haven’t been publicly detailed. FHA loans (which require 3.5% down) and VA loans (which offer zero-down options) are commonly compatible with down payment assistance programs. Your mortgage lender will need to confirm that your chosen loan type works with the city’s assistance program.
What counts toward the $15,000 liquid asset limit?
Liquid assets typically include cash in checking and savings accounts, money market accounts, stocks, bonds, and other investments that can be quickly converted to cash. Retirement accounts like 401(k)s and IRAs are often excluded from this calculation, but verify the specific rules with the program administrator. The limit applies to what you have remaining after your home purchase.
How long will it take to get approved once I apply?
Processing times haven’t been specified by the city. However, since the program operates on a first-come, first-served basis with limited funding for approximately 33 households in the first year, it’s wise to complete the homebuyer education requirement and gather your documentation as early as possible. Work closely with your lender and the East Akron Neighborhood Development Corporation to move your application forward efficiently.
What happens if the program runs out of money before I can apply?
The initial allocation is $300,000 in federal HUD funds, which will assist approximately 33 households. City officials have indicated they hope to continue the program in future years depending on continued federal funding availability. If funds are exhausted, you can ask to be placed on a waiting list for the next funding cycle, or explore other assistance options through Ohio Housing Finance Agency programs and other state and local resources.