HUD re-ups with the Cuyahoga Land Bank for one-of-a-kind program (WKSU)

The U.S. Department of Housing and Urban Development has renewed a one-of-a-kind deal in the nation with the Cuyahoga County Land Bank.

The agreement allows HUD to continue to transfer abandoned properties worth $20,000 or less to the Land Bank for $100. William Whitney of the Land Bank says HUD came by many of the properties because of its role in the subprime mortgage boom.

 

“Because of the guarantee held by the FHA, HUD ended up with these parcels. So this was a way that HUD could work with us, help to remove blighted, low-market properties, and also allow us to do what we do locally … to get properties rehabilitated and back on the market.”

HUD has transferred about 1,200 properties under the program, most on the east side of Cleveland and east side suburbs — and most of which have been demolished. It pays all the back taxes before it makes the transfers. This is the fourth time the program has been renewed.

Read it from the source.

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