ideastream's Mhari Saito reports.
Late last year, the Cleveland neighborhood of Slavic Village made headlines when REalty Trac, an online marketer of foreclosure properties, named it the hardest hit area for foreclosures in the country. Now, Cleveland leaders are hoping Slavic Village will make new headlines for pioneering a public/private model for cleaning up the damage from the foreclosure crisis. At a press conference, Cleveland Mayor Frank Jackson announced a 3 year plan to do intensive redevelopment and demolition in targeted areas in 6 city neighborhoods.
Frank Jackson: We don't want to just invest for the moment. We have to invest for the future. And sustainability, green standards...these are the things of the future.
Financing for the project comes from the state Ohio Financing Agency, local and national nonprofits, and KeyBank. In the first year, the city aims to demolish 100 structures and redevelop 121 others for resale. Mhari Saito, 90.3.