Vacant and abandoned properties can have negative spillover effects that often impact neighboring properties and, when concentrated, entire communities and even cities, according to the U.S. Department of Housing and Urban Development. Research has linked foreclosed, vacant, and abandoned properties with reduced property values, increased crime, increased risk to public health and welfare, and increased costs for municipal governments.
The Cuyahoga Land Bank works strategically to acquire vacant and abandoned properties and return them to productive use, effectively turning liabilities into community assets.