Land Bank Gets Fresh Federal Funding for Blighted Properties
February 20, 2016
By: Brad Dicken, The Chronicle-Telegram
February 20, 2016
The Lorain County Land Bank will receive $3.3 million from the federal government to demolish homes in blighted areas in Elyria and Lorain.
The money comes from $2 billion being distributed through U.S. Department of Treasury’s Hardest Hit Fund. Ohio will receive nearly $97.6 million under the program, according to a news release from U.S. Rep. Marcy Kaptur, D-Toledo.
County Administrator Jim Cordes estimated that the money will allow the Land Bank to demolish about 200 homes in Elyria and Lorain.
Lorain Mayor Chase Ritenauer said he was excited about the prospect of additional funding going to the Land Bank, but even with the new money he doesn’t think the job of tearing down abandoned and other dilapidated properties in the city will be complete.
“We have more of a supply than there is money,” Ritenauer said.
He estimated that Lorain has 200 homes that he called “the worst of the worst” that need to be torn down to improve the neighborhoods.
Pat Metzer, who serves as director of the Lorain County Port Authority and deputy director of the Land Bank, said the Land Bank has received about $7.5 million in funds from state and federal authorities for demotion and land acquisition in recent years and has spent another $325,000 in local money on the same objectives.
He estimated the money has been used to demolish about 360 homes across the county, and there are another 56 homes that are moving through the demolition process right now. Another 20 homes, Metzger said, are undergoing environmental reviews.
U.S. Sen. Sherrod Brown, D-Cleveland, also praised the funding from the state in a news release issued Friday.
“This new funding will go a long way toward helping Ohio communities and homeowners that are still recovering from the devastation of the foreclosure crisis,” Brown said in the statement. “When one home is foreclosed on or abandoned, it has a ripple effect that hurts the value of other homes in the neighborhood. Getting rid of abandoned properties helps to strengthen neighborhoods and reduce crime.”