Funding I PROMISE Housing
East Akron Neighborhood Development Corporation opened the doors of I PROMISE Housing in June 2023. The housing development, which works in conjunction with the LeBron James Family Foundation’s I PROMISE Program, benefited from a $687,500 Affordable Housing Program (AHP) grant awarded to members Huntington National Bank and Premier Bank to aid in construction costs.
The I PROMISE Program, spurred from James’ commitment to support youth and student success in his hometown of Akron, Ohio, invests time, resources and passion into creating generational change for children and families. While the program features a school and other co-curricular support like providing daily food resources and family educational assistance, stable housing for students and their families was a clear area of need. Shannon Shippe, director of housing for the LeBron James Family Foundation, shared how they became involved in the long-term housing project.
“Our philosophy for working with and serving the families in our Akron community is to listen and respond. That’s how we learned of our families’ deep-rooted desire for long-term, affordable and stable housing,” said Shippe. “Through our partnership with East Akron Neighborhood Development Corporation and with the support of funders like the Federal Home Loan Bank of Cincinnati, we are able to make that dream a reality through I Promise Housing. This is a place designed to create a safe, welcoming and accessible home for families, which makes all the difference in the world.”
I PROMISE Housing will impact families in more ways than providing a home. The development is expected to add, thanks in part to money saved by receiving the AHP grant, additional support services such as financial coaching, weekly visits from the local library’s bookmobile, cooking classes and more. The 50-unit building is reserved for those in need, with all residents at or below 60% of the area median income. Around 25% of families living in I PROMISE Housing are also enrolled at the I PROMISE School, which is creating a new model for urban, public education.
Cheryl Stephens, president and CEO of East Akron Neighborhood Development Corporation and FHLB Affordable Housing Advisory Council member, was encouraged by her predecessor to not forget about applying for FHLB Cincinnati grants. She reflected on how FHLB Cincinnati’s Affordable Housing Program helped the I PROMISE Housing project come to fruition and the impact it will have on residents.
“I PROMISE Housing is a piece of how we get every family a shot at the American dream,” said Stephens. “Affordable housing is part of that dream, and we would not have been able to do it without the help of FHLB Cincinnati’s Affordable Housing Program.”
Huntington National Bank and Premier Bank are no strangers to FHLB Cincinnati’s housing programs and have found them important as they navigate the specific needs of the communities they serve.
“Each project is unique. Some come in and have really critical needs. It’s wonderful to match the project up with a funding solution like AHP as we did for I PROMISE Housing," said Ron Paydo, Huntington Market President, Akron.
