Cuyahoga Land Bank Awarded $10.1 Million for Demolitions

On February 28^th, the Ohio Housing Finance Agency (OHFA) announced that the Cuyahoga Land Bank and 10 other Ohio land banks would share $50 million in federal funds from the U.S. Treasury for the demolition of vacant and abandoned one – four unit residential structures. The competitive awards were based on factors including county population, the magnitude of vacant and abandoned homes identified for acquisition in the county, and the track record of the land bank. The Cuyahoga Land Bank received 20% of the total funds awarded.
Last summer Jim Rokakis, Director of the Thriving Communities Institute identified unused U.S. Treasury Hardest Hit Funding, initially awarded to Ohio and  11 other states to be used for mortgage loan modifications, as a possible source for demolition funding. Ohio had received $570.4 million in Hardest Hit funding in 2010. Working with Senators Sherrod Brown and Rob Portman, Governor Kasich, OHFA, and Ohio land banks, OHFA developed the Neighborhood Initiative Program (NIP).
Stressing the importance of this award, “NIP will go a long way in our battle to remove blight and stabilize neighborhoods;” said Gus Frangos, President and General Counsel of the Cuyahoga Land Bank. It is estimated that 800 residential properties will be demolished under the Cuyahoga Land Bank’s NIP program between April 2014 and June 2016.