Congressman Tim Ryan Announces $1.5 Million for Mahoning, Trumbull and Stark Counties

Press Release

Congressman Tim Ryan is announcing that the Ohio Housing Finance Agency (OHFA) made $13 million available from the U.S. Treasury's Hardest Hit Funds for 12 Ohio land banks -- including Mahoning, Trumbull and Stark Counties which will each receive $500,000.

The Neighborhood Initiative Program (NIP) aims to stabilize property values by removing and greening vacant and blighted properties in targeted areas in an effort to prevent future foreclosures for existing homeowners in those neighborhoods. Local land banks acquire and find productive uses for vacant, abandoned or tax-foreclosed properties.

"I am pleased to announce that our local land banks have been rewarded for their hard work and commitment to excellence," Congressman Tim Ryan said. "These funds allow our local land banks to continue improving quality of life in Northeast Ohio by fighting blight and creating sustainable neighborhoods."

"Mahoning County Land Bank's leadership in the Neighborhood Initiative Program already has made a positive impact for residents," said Debora Flora, Executive Director of the Mahoning County Land Bank, said. "We are grateful for these additional resources, which will bolster our efforts to restore safety and confidence in our neighborhoods."

"This allocation gives a huge shot in the arm to TNP and the TCLRC's established effort to increase the quality of life in the neighborhoods of Trumbull County," said Matt Martin, Executive Director of Trumbull Neighborhood Partnership. "We have torn down over a hundred houses through this program already and greened a dozen lots. We have a ways to go and this will help us take another huge step forward"

"The Trumbull County Land Reutilization Corporation is extremely proud that our working relationship with the Trumbull County Treasurers Office, the Trumbull County Prosecutors Office and Trumbull Neighborhood Partnership has rated the Trumbull County Land Bank as a top performer in the Neighborhood Initiative Program, which has enabled our program to receive an additional Program Reallocation Award of $500,000.00," Trumbull County Treasurer Sam Lamancusa said.

This is the fourth round of NIP funding. Recipients qualified by showing progress in acquiring vacant and blighted properties. Funds were recycled from land banks that have not met minimum property acquisition requirements. OHFA was allocated $570.4 million of Hardest Hit Funds by the U.S. Department of the Treasury in 2010, and $79 million of those funds have been approved for use by the NIP.

Hardest Hit Funds were released following the housing crisis to assist state governments in their efforts to help struggling homeowners in the 18 states hardest hit by the crisis. State Housing Finance Agencies have until the end of 2017 to utilize these funds.

The twelve counties receiving an increase in funding through NIP are:

Ashtabula County Land Reutilization Corporation $500,000

Clark County Land Reutilization Corporation $500,000

Columbiana County Land Reutilization Corporation $500,000

Cuyahoga County Land Reutilization Corporation $6,075,000

Central Ohio Community Improvement Corporation (Franklin) $500,000

Hamilton County Land Reutilization Corporation $500,000

Lucas County Land Reutilization Corporation $2,300,000

Mahoning County Land Reutilization Corporation $500,000

Montgomery County Land Reutilization Corporation $500,000

Richland County Land Reutilization Corporation $500,000

Stark County Land Reutilization Corporation $500,000

Trumbull County Land Reutilization Corporation $500,000

Source