Two years ago, the Cuyahoga Couty Land Reutilization Corporation (CCLRC) was created. The organization, also known as the Land Bank, is a non-profit corporation committed to community revitalization. Since its inception, CCLRC strives to acquire abandoned properties and give them to communities for redevelopment or designate them for demolition, effectively combating the real estate speculation that contributed to the housing market collapse. The U.S. Department of Housing and Urban Development and Fannie Mae, as well as Bank of America and Wells Fargo, provide vacant properties to CCLB to help minimize housing speculation. CCLB has been very successful, utilizing funds from interest paid on delinquent property taxes and penalties to acquire more than 1,200 abandoned properties. On both a national and state-wide level, the non-profit serves as an excellent model for a successful land bank. The report that is attached discusses the CCLB’s mission as well as past and current operations.
In the report, Land Bank President Gus Frangos states: ‘The CCLRC is a valuable tool in positively dealing with the fallout from the real estate market collapse. The CCLRC’s professional staff is making a difference day in and day out.”
To read the article, please visit: http://www.cuyahogalandbank.org/articles/20110714_2009_2011_report.php#more
To read the report, please visit: http://www.cuyahogalandbank.org/articles/CCLRC_2009_2011_Report.pdf