Cuyahoga Land Bank Awarded $10M from Cleveland City Council to Support Home Construction, Renovations in Legacy Communities

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Cuyahoga Land Bank Awarded $10M from Cleveland City Council to Support Home Construction, Renovations in Legacy Communities

Grant money to be used in Collinwood, Clark-Fulton, Central Cleveland and Glenville neighborhoods

(Cleveland, Ohio / March 20, 2024) – Cleveland City Council generously granted $9.9 million of remaining American Rescue Plan Act funds to Cuyahoga Land Bank to build and renovate homes in three wards that include four historically disinvested neighborhoods, including Central, Collinwood, Clark-Fulton, and Glenville.

Officially called the Legacy Communities Revitalization Program, Cuyahoga Land Bank’s objective is to continue transforming neighborhoods into thriving, equitable communities and create sustainable housing markets for owner-occupants in some of the most market-challenged areas of the City. Ultimately, this program will complement Cuyahoga Land Bank’s track record of responsible investment, with allocations as follows: 

  1. Deep Subsidy New Construction Gap Grant: Bridging financial gaps to support the construction and sale of affordable housing in the target areas within the affected wards. 
  2. Renovation Subsidy Gap Grant: Facilitating cost-effective revitalization of existing structures to expand affordable housing options.
  3. Targeted Acquisition Fund: Strategically acquiring properties to prevent blight and further housing development efforts.
  4. Home Repair / Beautification Pilot Program: Implementing a pilot program to enhance the visual appeal of neighborhoods in the target areas within the affected wards.

Cuyahoga Land Bank President, Gus Frangos said, “This will be transformative for these neighborhoods, and we are pleased to work with Cleveland City Council on this important initiative.”

“We are incredibly grateful for Cleveland City Council’s vision and unwavering commitment on this transformative project to bolster historically challenged communities,” Land Bank COO Ricardo Leon said. “With the Council’s trust, we will continue our successful work of removing blight to revitalize neighborhoods, expand affordable and market rate housing, and build sustainable economic growth to improve residents’ quality of life.”

In a joint statement, Council members President Blaine A. Griffin (Ward 6), Jasmin Santana (Ward 14), Anthony Hairston (Ward 10) and Richard Starr (Ward 5) stated: “Collectively, Cleveland City Council is excited to lead this strategic investment and initiative to spark activities in areas where private market typically does not go. The significant amount of ARPA dollars for stabilizing housing in our neighborhoods through gap financing, home repair, down payment incentives and other programs leverages money and commitments from private, philanthropic and not-for-profit partners. The opportunity to collaborate with the Cuyahoga Land Bank presents promising expectations for the development of affordable homes in communities that are often overlooked.”