October 6, 2014 [M.L. Schultze, WKSU]
|The U.S. Department of Housing and Urban Development has renewed a one-of-a-kind deal in the nation with the Cuyahoga County Land Bank.
The agreement allows HUD to continue to transfer abandoned properties worth $20,000 or less to the Land Bank for $100. William Whitney of the Land Bank says HUD came by many of the properties because of its role in the subprime mortgage boom.
|“Because of the guarantee held by the FHA, HUD ended up with these parcels. So this was a way that HUD could work with us, help to remove blighted, low-market properties, and also allow us to do what we do locally … to get properties rehabilitated and back on the market.”
HUD has transferred about 1,200 properties under the program, most on the east side of Cleveland and east side suburbs — and most of which have been demolished. It pays all the back taxes before it makes the transfers. This is the fourth time the program has been renewed.