Bank of America is donating up to 100 foreclosed properties to the Cuyahoga County Land Bank. Guy Frangos is the land bank’s president, and says Bank of America is considering properties in Cleveland and a few suburbs that are worth $15,000 or less. In addition to the properties, Bank of America is donating $7,500 with each house to be used for demolition. Frangos says the hardest part for the land bank is not acquiring the properties, but deciding what to do with the lots afterwards.
Frangos says he hopes smaller banks will follow the example set by Bank of America and Wells Fargo, which already donated 26 properties this year. Frangos says the U.S. Department of Housing and Urban Development and Fannie Mae were the catalyst, and combined donate about 100 properties a month.