CLEVELAND, Ohio — Cleveland and Cuyahoga County hope to get at least $12.5 million in demolition money from a nationwide settlement with mortgage servicers.
Ohio Attorney General Mike DeWine visited Cleveland on Friday to tout a new $75 million demolition fund. The money was carved from Ohio’s $335 million share of the $25 billion settlement that was announced Thursday.
DeWine will distribute the demolition money, perhaps by late spring, after developing guidelines. He declined to say exactly how much money might be in store for Cleveland, which has been hard hit by the foreclosure crisis, but promised: “Millions will come here.”
The attorney general said he will require that the money be matched by its recipients, dollar for dollar. The local contribution is already taking shape.
Cleveland will muster $4.5 million to $5 million, said Chris Warren, Mayor Frank Jackson’s chief of regional development. At least part will come from the city’s rapidly dwindling demolition funds.
Cuyahoga County Prosecutor Bill Mason said he will put up $3 million and the county land bank could contribute $5 million. Some of the demolition money would go to inner-ring suburbs.