The two-year pilot program will let Cuyahoga County take control of undesirable abandoned homes and properties. Through the nonprofit Land Reutilization Corporation, the county can then rehab or tear down the buildings to combat blight, crime, and plummeting property values. Governor Strickland said the land bank benefits everyone—not just those directly affected by foreclosure.
STRICKLAND: This legislation that we’re celebrating today will provide cities and councils with a tool to acquire and hold property that has little or no value in the market today, but in so doing, will be able to protect other property values and other homeowners.
Cuyahoga County treasurer Jim Rokakis will oversee the land bank along with two commissioners and a board. And, with the glut of abandoned properties in the region, expect wide-scale demolition under the program. The project was opposed by the Ohio Real Estate Investors Association, which called the land bank a threat to private property rights.