A New Opportunity for Abandoned Property

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Hundreds of abandoned homes have left a number of local neighborhoods "land rich". Over the next three years, six Cleveland communities will take advantage of that. They'll be part of the Opportunity Housing initiative --- a pilot project aimed at turning 50 properties around and getting them back into use.

Matt Lasko of the Detroit Shoreway organization says the project has several funders which makes the rehab process easier and quicker.

LASKO: If we locate a property that fits into the financial model, there's no reason for us to sit and wait for the price to be reduced. We just say let's jump in and get this thing into someone's hands and get it rehabbed right away. It's extremely aggressive as compared to business-as-usual in the past.

And not all of these properties will re-developed as housing. Some of the land will turned into green space and even urban farms, in some cases. The Opportunity Housing initiative is due to be launched in late June or early July. After this test project, funding will be sought to take the program citywide.

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