Ohio puts $60 million to improve blighted properties
According to WKSU, Ohio was approved for $60 million to expand demolition of vacant houses, using the pat of the state’s Hardest Hit Funds to tear down blighted properties.
“With the collapse of Frannie and Freddie, the U.S government now backstops nine out of 10 mortgages. And we saw a clear connection between vacant properties and increased foreclosures,” said Jim Rokakis, director of the Thriving Communities Institute.
“Our argument to them was, ‘Help us find money to take down some of these vacant properties, and we think we can bring down the foreclosure rate,’” he added.
Michigan is doing it too, but on a somewhat bigger scale.