An update of the happenings at Cuyahoga Land Bank
HUD, Cuyahoga Land Bank Renew Ground Breaking Agreement | South Euclid Idea House - Cuyahoga Land Bank News - 2013.12.1

HUD, Cuyahoga Land Bank Renew Ground Breaking Agreement

In 2010, the US Department of Housing and Urban Development (HUD) and the Cuyahoga Land Bank came to a groundbreaking agreement: HUD would transfer low-value, vacant and abandoned properties to the Cuyahoga Land Bank for $100.  This agreement has been renewed once again through September 30, 2014.
hud_logoProperties acquired from HUD are lower-value properties appraised at $20,000 or below.  Such properties come under the ownership of HUD as a result of mortgage foreclosures guaranteed by the Federal Housing Administration (FHA).
This partnership remains essential to the stabilization of Cuyahoga County’s neighborhoods through the repurposing of distressed properties.  Once properties are acquired, the Cuyahoga Land Bank evaluates all properties, demolishes those that are beyond repair and preserves those homes that can be renovated through the Cuyahoga Land Bank's Deed in Escrow program.
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“This collaboration with the Cuyahoga Land Bank will help stem home price declines as we work to make these houses homes again,” said HUD’s Cheryl Walker, REO Division Director for HUD’s Philadelphia office.  “This partnership is about stabilizing neighborhoods and preventing these homes from becoming blighted.”
“The relationship with HUD is helping us stabilize our communities," said Gus Frangos, President of the Cuyahoga Land Bank.  “We are grateful to continue the partnership.”
To date, the Cuyahoga Land Bank has acquired approximately 3,500 properties overall and is about to demolish its 2,200th property.  Over 1,400 of the vacant lots created by demolition have been transferred to city land banks for neighborhood side yard expansions, community gardens, and economic development opportunities.  Additionally, the Cuyahoga Land Bank has also successfully facilitated the renovation of nearly 725 properties by private owners, using private dollars.

South Euclid Idea House

On an unseasonably warm early December evening, neighbors, project partners, potential home buyers and the just plain curious gathered together at 1033 Argonne Road in South Euclid for the launch of South Euclid’s latest Idea House.
A part of the South Euclid Green Neighborhoods Initiative (GNI), the Idea House is a collaboration between the City of South Euclid, The Cleveland Institute of Art (CIA), One South Euclid and the Cuyahoga Land Bank.
mayor_welo
“We were once again happy to collaborate with the Cuyahoga Land Bank on the building of our second Idea House,” said South Euclid Mayor Georgine Welo.  “We will now soon be welcoming our newest resident to South Euclid who will be occupying a brand new energy-efficient home in our Historic Bluestone District. We look forward to our continued partnership with the Cuyahoga Land Bank.”
GNI is a neighborhood revitalization program that is creatively reimagining housing in some of South Euclid’s hardest hit areas.  Funded by HUD NSP dollars and the First Suburbs Development Council Vacant and Abandoned Properties Fund, GNI uses green building techniques to rehabilitate homes.
“The Idea House shows the potential for new, green, affordable in-fill construction on smaller lots, given the prevalence of demolition activity and the increasing number of potential building sites," said South Euclid Housing Manager Sally Martin.  Three private homes developed, with four more planned for next year are on the way through our partnership with the Land Bank."

 idea_houseOnce remodeled, GNI homes are then made available for purchase on an incentivized basis.
 The home at 1033 Argonne Road for example, was acquired by the Cuyahoga Land Bank from HUD. Thereafter, the Cuyahoga Land Bank demolished the blighted house in 2012. The property was then gifted to the City of South Euclid in March 2013.
Cuyahoga Land Bank President Gus Frangos said  “It’s exciting to see new progress, such as the Idea House."
  CIA’s collaboration on GNI includes not only branding and markeidea_house_insideting, but also interior design.  Students from CIA’s Interior Design program created a fresh, modern and beautiful design for the Idea House designed to accommodate any lifestyle or life phase.
The landscaping offers colorful native plants for every season. When you buy this home, you also buy the neighborhood – strong neighborhood groups, great schools, easy access to transit, walkability, community parks, recreation options and community gardens.

To learn more about GNI and the new homes available through the Initiative, visit www.cityofsoutheuclid.com/building-housing/green-neighborhoods-initiative-contacts.html or contact Sally Martin at (216) 691-4219 or smartin@seuclid.com.

Did You Know?

In the fourth installment of a series of Cuyahoga Land Bank FAQ videos, Land Bank President and General Counsel Gus Frangos explains how the Cuyahoga Land Bank acquires properties into our inventory.
There are three sources:
1) REO (Real Estate Owned) Properties.  This includes banks, Fannie Mae and HUD.
2) Tax foreclosures of vacant and abandoned land
3) Housing Court referrals and individuals that donate properties.


Watch 'How do you get properties into your inventory?' on YouTube:

 
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Land Bank Properties

Fun Fact!

Since our inception in 2009, the Cuyahoga Land Bank has acquired 3,591 properties into our inventory. The majority of properties acquired come from Government Sponsored Enterprises (GSEs) such as HUD and Fannie Mae and through tax foreclosure. Below is a list of property acquisitions to date from HUD, Fannie Mae, tax foreclosure and other sources.
Properties Acquired by Source to Date:
Tax Foreclosure - 1,125
HUD - 1,077
Fannie Mae - 763
Other - 626

 

Bid on this Home
Before December 27th!

This home at 18801 Pasnow Avenue in Euclid requires minimal renovation and is now available under the Advantage Plus Loan Program. Minimum bid starts at
$5,000!

Home for Sale in Cleveland

This home at 12817 Crennell Avenue in Cleveland requires renovation and is now available through our Deed in Escrow program.

Renovated Home for Sale in Warren-sville Heights

This bungalow style home at 19609 Kings Highway in Warrensville Heights was renovated in-house by the Land Bank and is for sale. For details on this property and a list of other renovated homes, visit our website

The mission of the Cuyahoga Land Bank is to strategically acquire properties, return them to productive use, reduce blight, increase property values, support community goals and improve the quality of life for county residents.

Copyright © 2013 Cuyahoga County Land Reutilization Corporation, All rights reserved.
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