July 6, 2011 (Chris Moore)
Bank of America has announced that it is donating up to 100 vacant foreclosed properties to the Cuyahoga County Land Reutilization Corporation (Cuyahoga Land Bank) for reuse, redevelopment and neighborhood revitalization, reducing urban blight.
Foreclosed properties in the Cleveland area, that have been abandoned and are uninhabitable, and are identified as low-value by Bank of America, will be donated to the Cuyahoga Land Bank for future development or for other productive uses.
Bank of America will contribute towards the cost of demolishing or deconstructing any deteriorating buildings. Similar plans have been previously announced in Detroit and Chicago as Bank of America addresses the problems caused by a growing inventory of abandoned and uninhabitable properties.
"Unfortunately, many homeowners faced with unemployment, underemployment and other economic hardships have transitioned to alternative housing situations, and in many cases have walked away from their homes, leaving behind vacant and deteriorating properties that can cause neighborhood blight," said Rebecca Mairone, national mortgage outreach executive for Bank of America Home Loans.
Gus Frangos, president and general counsel for the Cuyahoga Land Bank viewed the partnership with Bank of America as having a positive impact on the community by eliminating blight and allowing Cuyahoga County the opportunity to put returned properties to productive use.
Tags: Bank of America, Cuyahoga Land Bank, vacant foreclosed properties, reuse, redevelopment, neighborhood revitalization, abandoned, uninhabitable
Source:
Bank of America
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