CLEVELAND – Bank of America has now donated its 50th property to the Cuyahoga County Land Reutilization Corporation, known as the Cuyahoga Land Bank, marking the midway point in their agreement to dispose of distressed properties in a responsible way.
It was back on June 14, 2011, that Bank of America agreed to donate up to 100 low-value, distressed vacant and abandoned properties in Cuyahoga County to the land bank for reuse, redevelopment and neighborhood revitalization. These are properties that have been foreclosed and in many cases abandoned by owners and now sit vacant.
If the property can not be reused or redeveloped, Bank of America is making cash contributions toward tearing the house down. Recently, Bank of America agreed to increase the money it gives to help cover additional costs associated with asbestos and environmental regulations.
“This type of agreement is a responsible way in which banks can interact with community stakeholders to address some of the fall-out from the real estate foreclosure crisis of the past several years,” said Cuyahoga County Land Bank President and General Counsel Gus Frangos, in a news release.
“The donation of vacant or abandoned properties supports the bank’s commitment to help stabilize and revitalize neighborhoods and communities that have been hard hit in the economic downturn. When we work in communities with established land banks or other dedicated, professional enterprises, such as the Cuyahoga Land Bank, we are able to address these situations efficiently and reach our mutual goals faster,” said Bank of America Ohio Market President Jeneen Marziani.
Cleveland Heights Mayor Edward Kelley credits the Land Bank and Bank of America with helping his city.
“The city of Cleveland Heights, like cities all across the country, has faced the plight of vacant and foreclosed properties. The Bank of America property donations and contributions toward demolition costs in the Desota-Altamont neighborhood have been important in helping our City move forward. Our goal to revitalize the development of this neighborhood has come closer to being a reality due to the support of Bank of America.”