In fact, when the Cuyahoga County Land Bank was originally conceived, its leadership thought it would have to foot the bill for all demolition. Now, participating lenders (which also include JP Morgan Chase and Citibank) will help pay for half of the land bank’s 700 scheduled demolitions this year.
The success of the Cuyahoga County Land Bank’s work has implications well beyond Cleveland. NPR reports that similar public-private partnerships may be piloted soon in Detroit, Chicago, and Milwaukee. Likewise, land banking’s effectiveness in Ohio helps illustrate why New York’s recently passed land bank bill as well as those pending in Pennsylvania and Georgia are so critical.
As the Cuyahoga County Land Bank forges ahead, we expect more innovative practices to emerge, and more neighborhoods to thrive as a result.
‘Land Bank’ Knocks Out Some Foreclosure Problems [NPR, August 29, 2011]