$40 Mil in Stimulus Dollars Going to Land Bank

Thursday, January 14, 2010
Topics: Economy, Politics, Other
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More stimulus dollars are coming to Cuyahoga County to help deal with the blight from the foreclosure crisis. ideastream®’s Dan Bobkoff has more.

One hundred and seventy five million dollars in new stimulus money is coming to Ohio to help communities across the state rehabilitate or demolish foreclosed and abandoned homes. And about $40 million of it is going to the Cuyahoga County Land Revitalization Corporation—that’s the official name for the fledgling land bank that’s working to convert abandoned land into something productive. Land Bank president Gus Frangos says the money, which comes through the Department of Housing and Urban Development, will be a big help.

FRANGOS: Demolish homes where they need to be demolished. To try and stabilize and save homes where we can.

While the Land Bank works all over Cuyahoga County, the stimulus dollars are earmarked for 20 hard-hit communities including Glenville, Detroit Shoreway, Lakewood, and University Heights. Frangos says the recovery funds will be significant, but he estimates that it will cost the land bank nearly four times as much to do all the demolition required in the county. 

FRANGOS: One award such as this and our existing funding is still not enough to deal with the problem. But it sure will help us make a significant dent.

Frangos says the land bank is gearing up to start the stimulus-funded projects as soon as it can.