Land Bank in Ohio Is a Smashing Success
More than 1,200 abandoned properties have been redeveloped as part of the Cuyahoga County Land Bank since its founding two years ago. The program acquires abandoned properties in neglected neighborhoods; some of which are turned over to cities for redevelopment while others are razed and transformed into community gardens or property additions for adjacent homeowners. These land banking programs make it more difficult for speculators to buy up abandoned properties and flip them.
The Cuyahoga County Land Bank program is seen as a role model for nearby counties and the rest of the country. Key partners included Fannie Mae, HUD and lenders who donate properties to the land bank.
SOURCE: Safeguard Properties
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