Cuyahoga Land Bank is proud to announce a new initiative on Cleveland’s southeast side, working in close collaboration with the City of Cleveland and other key partners as part of Mayor Justin Bibb’s Southeast Side Promise. This multifaceted project aims to ignite the local real  estate market, increase housing values and ultimately pave the way for sustained private investment in this historically significant area.

Our strategy involves a two-pronged approach: Cuyahoga Land Bank is undertaking three significant home renovations in select neighborhoods on the southeast side. Simultaneously, we are launching a gap grant program designed to incentivize outside investors to renovate existing homes in the area and sell them to owner-occupants.

This initiative directly aligns with the Land Bank’s successful model of strategic intervention in “tipping point” communities. By demonstrating the potential for quality housing and increasing property values through our own renovations, we aim to bridge the appraisal gap that often hinders private development in these areas. The ultimate goal is to create a self-sustaining real estate market that attracts ongoing private investment, mirroring the positive transformations we’ve witnessed in other parts of Cleveland and Cuyahoga County.

The City of Cleveland approached the Land Bank with the available grant funding, recognizing our expertise and track record in successful neighborhood revitalization. As the Mayor’s Southeast Side Promise website highlights, this initiative is a comprehensive effort to invest in the future of these communities.

“Cuyahoga Land Bank is an ideal partner for the Southeast Side Promise,” states Land Bank President and CEO Ricardo León. “Our experience in strategic renovations and ability to demonstrate market potential make us well-positioned to help catalyze the revitalization efforts envisioned by Mayor Bibb. We are excited to work alongside the City and other stakeholders to unlock the immense potential of the southeast side and create lasting positive change for its residents.”

Mayor Justin Bibb underscores the significance of this partnership and his commitment to the initiative: “The Southeast Side Promise is about investing directly in our communities and creating pathways to homeownership for our residents. Partnering with Cuyahoga Land Bank, with their proven expertise in housing revitalization, is a crucial step in achieving our goals. By supporting both Land Bank renovations and incentivizing private investment, we are laying the groundwork for a stronger, more vibrant southeast side for generations to come.”

Cuyahoga Land Bank’s commitment to these three initial renovations serves as a tangible demonstration of the quality and potential that exists within the southeast side. By offering gap grant funding, we aim to empower private investors to join this revitalization effort, creating more homeownership opportunities and further boosting property values. This collaborative approach, driven by the Mayor’s vision and the Land Bank’s expertise, holds immense promise for the long-term growth and prosperity of Cleveland’s southeast side. We look forward to sharing updates on this exciting project as it progresses.