The Erie County Land Reutilization Corporation (or Land Bank) is a community improvement corporation whose purpose is to promote and facilitate the reclamation, rehabilitation and reutilization of vacant, abandoned, tax-foreclosed or other real property in Erie County.
By strategically acquiring properties and returning them to productive use, the Land Bank works to reduce blight, increase property values, strengthen neighborhoods, and improve the quality of life for all Erie County residents.
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County Land Bank Receives Additional Funds to Help Fight Blight
The Ohio Housing Finance Agency (OHFA) awarded the Erie County Land Bank $1,043,178 in additional funding under the Neighborhood Initiative Program (NIP), a program designed to help prevent foreclosures and stabilize local property values through the demolition and greening of vacant and blighted homes across the state. Eighteen participating counties with established land banks were awarded a portion of $191 million in funding available through the fifth round of the Hardest Hit Fund Program. A calculation based on each county’s request and spend-down rate was used to determine how much each county would receive. Recipients were required to demonstrate substantial or exceptional progress toward demolishing vacant and blighted properties under the program.
OHFA is partnering with land banks across the state to focus blight elimination efforts in target areas where the demolition and greening of vacant homes will assist in preventing a further reduction in property values and the foreclosure of neighboring, occupied residential homes. Awardees are responsible for all aspects of the property acquisition and removal as well as plans for greening and ongoing maintenance of the property. As with previous rounds, the maximum amount of assistance per property is $25,000, with an estimated average amount of assistance of $14,000. Nearly 2,700 blighted structures were already removed in Ohio, with an additional 250 units pending approval as a result of the first four funding rounds.
With the conclusion of the Fifth Round of Funding, the U.S. Department of the Treasury has now allocated a total of $762.3 million in Hardest Hit Funds to OHFA to administer the Ohio’s foreclosure prevention programs.
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