Bank of America said it has entered into an agreement with the Cuyahoga County Land Reutilization Corp. — otherwise known as the Cuyahoga Land Bank — to donate up to 100 vacant foreclosed properties to the Land Bank for reuse, redevelopment and neighborhood revitalization.
Bank of America said it will identify vacant, low-value foreclosed properties in Cleveland and some suburbs for donation to the Land Bank and will contribute toward the costs of demolishing or deconstructing any deteriorating buildings. Bank of America said the Land Bank “will use the vacant properties for future development, open space and urban farming, or other productive uses that best align with the overall strategy for the communities in which they are located.”
“The Cuyahoga Land Bank is thrilled to be adding Bank of America as a partner in our efforts to eliminate blight and return properties in Cuyahoga County to productive use,” Gus Frangos, president and general counsel for Cuyahoga Land Bank, said in a statement. “We are happy to be part of a new public-private partnership that will have a positive impact on our community.”
Bank of America has announced similar plans to make low-value vacant property donations to the cities of Detroit and Chicago.