The Ohio Housing Finance Agency (OHFA) has received approval from the U.S. Treasury Department to utilize up to $60 million of a remaining $270 million in Hardest Hit Funds to assist with stabilizing local property values through the demolition of vacant homes across the state. The new “Neighborhood Initiative Program” (NIP) will strategically target residential demolition in designated areas within the state by partnering with land banks.
Demolition activity will be limited to targeted areas that are part of a comprehensive local strategy to stabilize home values and prevent foreclosure. OHFA Request for Proposals will be issued to land banks across the state in future months. The program is expected to begin in early 2014. You can read the entire press release here.
