HUD, Cuyahoga Land Bank Renew Agreement

The Cuyahoga Land Bank and the U.S. Department of Housing and Urban Development (HUD) recently renewed its annual agreement that allows HUD to transfer low-value, vacant and abandoned properties to the Cuyahoga Land Bank for $100.  The unique agreement has been in place since 2010.

Under the renewed agreement, HUD will continue to transfer select HUD-owned properties in Cuyahoga County valued at under $20,000 to the Cuyahoga Land Bank for $100, after paying all current taxes.  Once acquired, the Cuyahoga Land Bank evaluates all properties, demolishes those that are beyond repair and preserves those homes that can be renovated.

“We are thrilled to be able to continue working with HUD in tackling the longstanding problem with vacant and abandoned properties in our community,” said Cuyahoga Land Bank President Gus Frangos. “HUD has been an outstanding community development partner in Cuyahoga County. Through this agreement, we continue to make progress in not only eliminating blight but also stabilizing neighborhoods and improving the quality of life for County residents.”

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