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The Cuyahoga Land Bank is funded by a variety of sources.
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When Cuyahoga County found itself at the epicenter of the nationwide foreclosure crisis starting in 2006, a collaborative group of minds, including then Cuyahoga County Treasurer Jim Rokakis, current Land Bank President and General Counsel Gus Frangos, Senators Tim Grendel, Bob Spada and chief legislative sponsor Tom Patton, State Representative Matt Dolan, Cleveland Council Members Jay Westbrook and Tony Brancatelli and members of the county’s non-profit and academic community came together to do something about it. The land bank’s biggest impact has come from the program that represents the bulk of its work to date: demolition of vacant and abandoned properties.īut with demolition funds dwindling and significant progress made on tearing down the county’s most blighted properties, the organization is preparing to pivot, including expanding its roles in rehabilitation and both residential and commercial development. That impact, according to a recent study, is $1.43 billion, a figure that takes into account the organization’s role in restoring property values by demolishing and rehabilitating distressed structures, returning properties to Cuyahoga County’s tax rolls, and bolstering the local economy with the money it has spent and private-sector investments it has spurred. Home values are up, too, bringing a restoration of wealth to a predominantly African-American community that saw values plummet in the foreclosure crisis.Īlvarado credits much of this progress to his organization’s partnership with the Cuyahoga County Land Reutilization Corporation (AKA: Cuyahoga Land Bank), the land bank that formed 10 years ago this month in response to the foreclosure crisis.Īs it marks this anniversary, the land bank is evaluating the impact of its first decade in operation and preparing for its next chapter. The neighborhood has come a long way since then.
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“ We had the highest number of foreclosures of any zip code in the country, 44105, back in 2008, 2009.”
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In Cleveland, Ohio, Chris Alvarado likes to joke that when he became executive director of Slavic Village Development, he thought the full name of the neighborhood was “Slavic Village: the Epicenter of the Foreclosure Crisis” because that is so often how people refer to the neighborhood.