March 8, 2012 [WTAM]
(Cleveland) – The Cuyahoga Land Bank hit two milestones this week. It has surpassed 1,500 property acquisitions and 750 demolitions since opening its doors in 2009.
The Cuyahoga Land Bank mission is to strategically acquire properties, return them to productive use, reduce blight, increase property values, support community goals and improve the quality of life for county residents.
It acquires distressed properties from a variety of sources, including banks, government sponsored enterprises such as Fannie Mae, federal and state agencies, such as HUD, as well as real estate lost to tax foreclosure and donated properties.
Once acquired, the Cuyahoga Land Bank assesses the property to determine if it can be rehabilitated or if it must be demolished.
Most properties acquired by the Cuyahoga Land Bank are nuisance properties beyond rehabilitation. This week, The Cuyahoga Land Bank successfully completed its 750th demolition.
“We are happy to make progress in the battle against blight in our neighborhoods,” said Cuyahoga Land Bank President and General Counsel Gus Frangos. “There is still much work to be done and we will continue to work diligently with our board and city partners so that our community can make strides toward recovery.”