Today, U.S. Senator Sherrod Brown (D-OH) was proud to announce a deal he facilitated that extends a contract between the U.S. Department of Housing and Urban Development (HUD) and the Cuyahoga County Land Bank. The deal allows for the continued affordable purchase of HUD properties by the Cuyahoga County Land Bank so that low value properties can either be redeveloped or demolished for future development.
"This agreement strikes an important balance. It betters Cleveland communities while protecting the interests of our tax payers," said Brown. "The winners in this deal are the residents of Cleveland because it will help stabilize the housing market as we redevelop, rebuild, and begin to re-grow our neighborhoods."
In December of 2012, HUD's contract with the Cuyahoga County Land Bank expired and was not renewed. The following month Senator Brown organized a call during which HUD and the Cuyahoga County Land Bank negotiated a new contract through Sept. 30, 2013, the end of the Department's fiscal year 2013.
Brown has long championed legislation that would revitalize neighborhoods hit hard by the foreclosure crisis. He fought for the creation of the Neighborhood Stabilization Program (NSP) in the Housing and Economic Recovery Act of 2008 and the continuation of the program in the American Recovery and Reinvestment Act (ARRA). In September 2008, Brown announced that Ohio communities would receive more than $258 million in NSP funds authorized by the housing bill. In Sep. 2009, Brown wrote to Secretary Donovan in support of Ohio applicants to the second wave of funding through the NSP program.
Brown also introduced the Community Regeneration, Sustainability and Innovation Act of 2009 with Sen. Charles Schumer (D-NY) and Reps. Tim Ryan (D-OH) and Brian Higgins (D-NY). This legislation would create a new, competitive grant program within the HUD targeted toward cities and metropolitan areas experiencing large-scale property vacancy and abandonment due to long-term employment and population losses.