Known for its rich history and industrial prowess, Akron, Ohio, is a city that offers a unique blend of urban living and suburban charm. One of the key factors contributing to its appeal is the availability of HUD housing loans. These loans, backed by the U.S. Department of Housing and Urban Development (HUD), provide an affordable pathway to homeownership, making the dream of owning a home a reality for many residents in Akron.

HUD housing loans in Akron, Ohio, are not just financial instruments; they are tools for community development and economic growth. They play a pivotal role in fostering a stable housing market, promoting neighborhood revitalization, and enhancing the quality of life for Akron's residents.

Local Housing Market Overview

The housing market in Akron, Ohio, is characterized by its resilience and affordability. According to data from HUD, the city has a diverse range of housing options, from historic homes to modern apartments. This variety, coupled with the support of HUD housing loans, makes Akron an attractive destination for both first-time homebuyers and seasoned investors.

Recent housing developments in Akron have focused on revitalizing the city's downtown area and creating mixed-use spaces that combine residential, commercial, and recreational facilities. These projects, backed by HUD funding, are transforming Akron's urban landscape and creating vibrant, walkable neighborhoods that cater to a wide range of lifestyle needs.

Economic Landscape and Demographic Trends

Akron's economic landscape is shaped by its strong industrial roots and its growing healthcare and education sectors. Data from the Bureau of Labor Statistics show that these sectors are key drivers of employment in Akron, providing stable jobs for a significant portion of the city's population. This economic stability, in turn, supports a robust housing market and fuels demand for HUD housing loans.

Demographic trends in Akron also play a crucial role in shaping the city's housing market. According to the U.S. Census Bureau, Akron has a significant population of young professionals and families, attracted by the city's affordable cost of living and quality educational institutions. This demographic shift is creating a strong demand for affordable housing options, making HUD housing loans an essential tool for meeting this need.

Today's Interest Rates in Akron

Find today's rates in the table below.

Please note that these are only benchmark index rates — each loan product will have a rate that varies depending on the property, the location, the borrower's financial strength and experience, and several other factors.

Our Experts

When it comes to getting a HUD loan for your multifamily property, there are several amazing options. The names of the loans themselves are not particularly descriptive, however — more alphabet soup than proper name — yet they have major differences in purpose, eligibility, and terms.

Our team connects you with lenders across the U.S. to find the best financing terms for your property, even if that ends up being outside the world of HUD financing. It doesn't matter if you're buying or building, renovating or expanding, shopping your loan to multiple lenders puts you in a strong position to pick the financing terms that meet your needs.

Our experienced team of capital markets advisors will source the very best terms from our unparalleled network of lenders to ensure your property gets the best financing terms available. We offer this service completely free of charge.

Looking for more information about Akron? Read on below. Otherwise, click the button below, and we'll get right back to you with your free multifamily loan quote.

Current HUD Multifamily Loans in Akron

There are a wide range of HUD financing options for multifamily properties in Akron. Keep reading to learn which one could be the most suitable for your property.

HUD 223(f) Loans

A HUD 223(f) loan is an extremely versatile financing option that can be used for the acquisition or refinance of a multifamily property with more than five units. With long, fully amortizing terms, fixed interest rates and high LTVs, these loans can be the ideal financing vehicle to acquire a multifamily property.

HUD 221(d)(4) Loans

The HUD 221(d)(4) loan is the highest-leverage, lowest-cost construction loan available for a multifamily development. Offering terms of up to 43 years at a fixed interest rate, this financing is extremely popular with developers for good reason. During construction, the loan is interest-only (for up to three years), and upon completion the note has a fully amortizing, 40-year term.

HUD 223(a)(7) Loans

Fast isn't what most people might think of when they think of getting a HUD multifamily loan. However, a HUD 223(a)(7) loan offers both speed and simplicity, with fewer reports and documentation needed. At the same time, this program offers loans with lengthy, fully amortizing terms, and low, fixed rates in a non-recourse package.

Note that while a HUD 223(a)(7) loan can be a wonderful option, it is only available for properties with existing HUD multifamily debt.

HUD 241(a) Loans

If you need supplemental financing for your apartment building in Akron, a HUD 241(a) loan could be a great option. These loans are non-recourse and offer financing at a loan-to-cost ratio of 90% for for-profit entities and 95% for nonprofits. You need an existing HUD loan on your apartment building or healthcare property to qualify.

Interest rates are fixed, and the loan's term length typically will match the term of the senior HUD loan on the property, though in many cases this term can be extended up to 40 years.

HUD 232/223(f) Loans

HUD's healthcare property loan, the 232/223(f) loan, is similar to the previously mentioned HUD 223(f) financing option. Useful for purchasing or refinancing healthcare properties (including skilled nursing and assisted living facilities), the loan does have some restrictions in terms of commercial space. However, the benefits of a 35-year, fully amortizing term at a fixed rate is unparalleled in the healthcare sector.

Think a HUD multifamily loan could be right for your property in Akron? Add your details to the form below, and we’ll match you with the best lender — and loan — for your investment strategy.

Multifamily Property Insurance in Akron

This part isn't about loans, but it's just as important to your investment's success: insurance.

Multifamily insurance premiums have shot through the roof over the past few years, as I'm sure you know. Whether you own (or plan to own) a market-rate apartment building or an affordable housing property, this will have a huge impact on your profitability — and, worst case, ability to operate at all.

Janover Insurance Group is dedicated to finding the best insurance solutions for your multifamily property in Akron, regardless of if it's affordable housing or if you're using a HUD loan. Click to get a free insurance quote for your property — no obligation whatsoever.