Huntington Bank is the latest company to contribute to a $4.5 million loan fund for projects in distressed Akron neighborhoods.
The bank has given a quarter-million dollars to the Akron Community Revitalization Loan Fund. The group says it will concentrate on loaning money for projects from $500,000 all the way up to $2 million in places like North Hill and East Akron, with interest rates hovering below 2.75 percent.
鈥淭he neighborhoods -- because of tax credit equity -- they have to meet certain economically distressed criteria. A good portion of Akron qualifies: most of downtown, North Hill, East Akron, a good portion of the west side of Akron. We鈥檙e actually starting to vet projects now that are located throughout the city.鈥�
Chris Burnham, president of the , says the structure of the program calls for non-housing-related projects.
鈥淚t could be private development, could be a grocery store, could be a mixed-use retail.鈥�
Burnham adds that they鈥檙e already vetting a mixed-use project on the city鈥檚 east side.
After the Huntington Bank grant, the program still needs $1.7 million to be fully funded. Huntington took over Akron-based First Merit last year, and agreed to set up a $20 million foundation as part of the deal.
