Press Release: Cuyahoga Land Bank Does It Again: Leads Nation in Use of Stimulus Funding to Revitalize Neighborhood (Press Release)

A coalition led by the Cuyahoga County Land Reutilization Corporation, commonly
known as the Cuyahoga Land Bank, has completed the distribution of nearly $41million
in Neighborhood Stabilization Program (NSP2) funds – a federal stimulus-funded
initiative to stabilize neighborhoods. The CuyahogaLand Bank was the lead applicant
and program manager for a consortium that included the City of Cleveland, Cuyahoga
County, and the Cuyahoga Metropolitan Housing Authority (CMHA).
In 2010, the consortium was awarded nearly $41 million in HUD’s second round of
Neighborhood Stabilization Program (NSP2) funds to be used toward the stabilization of
targeted communities in Cuyahoga County. The NSP2 grant awarded to the consortium
was one of the largest per capita allocations in the country.
The consortium collaborated to implement a series of programs and major
developments and leveraged millions more in matching funds. Strategic investments in
our community via rehabilitation, demolition and land reutilization combat the negative
effects of the foreclosure crisis—such as decreasesin safety and quality of life, as well
as decreases in property values—that has resulted in a multitude of vacant and
abandoned properties.
“We are very happy to have been able to find opportunities to positively impact the
safety, housing values and quality of life in NSP2 target areas through rehabilitation,
demolition and creative reuses of land via the application of these grant dollars,” said
Gus Frangos, President of the Cuyahoga Land Bank.
“NSP2 showed what can be done when communities and governments work in concert
toward common goals,” said Cleveland Mayor Frank G.Jackson. “Not only did we
make ample progress in taking down dangerous abandoned properties but we were
also able to rescue and rehabilitate over 300 otherhomes.”
“Cuyahoga made strategic use of the NSP2 funds. We leveraged millions in private
dollars while expanding the boundaries of University Circle, replacing vacant land with
both high-end and affordable apartments and demolishing some of Cuyahoga’s worst
properties,” said Ed FitzGerald, Cuyahoga County Executive. “We’ll continue to be a
national leader – together with our partners in theLand Bank – addressing an inherited
housing crisis head-on.”
“The funding received under the NSP2 program is allowing CMHA to continue to
provide quality, safe and affordable housing opportunities to residents across the
county,” said Jeffery K. Patterson, CEO of CMHA. “We are pleased to be a part of such
a strong collaboration, with efforts to benefit so many people in need of housing.”
NSP2 funding target communities include East Cleveland, Lakewood, Shaker Heights,
South Euclid, University Heights and Garfield Heights as well as the Detroit Shoreway/West Tech,
Corlett, Fairfax, Glenville, Lee-Miles, Westown, Mount Pleasant, Slavic Village, Old
Brooklyn, Colfax/Garden Valley, St. Clair Superior,Buckeye/Larchmere, Collinwood,
Tremont and Clark Fulton neighborhoods in the City of Cleveland.
The following projects were made possible through NSP2. For larger projects, NSP2
funds leveraged additional public and private investment in the country.
The following projects were made possible through NSP2. For larger projects, NSP2
funds leveraged additional public and private investment in the county. Click the link below for a downloadable PDF of all consortium NSP2 projects.

NSP2 Consortium_Activities
NSP2 activities will continue throughout Cuyahoga County as revenue derived from the
projects above will be used towards additional activity. Program income is expected to
continue to be generated from future sales of housing units and will be used for eligible
uses and activities under NSP 2 in the consortium’s20 designated target areas.

Download the full press release as a PDF here

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