The goal behind eliminating the blight, according to the Ohio Housing Finance Agency, is to stabilize property values by removing vacant and blighted properties in targeted areas and to prevent future foreclosures by existing homeowners.
Coincidentally, the razed building was just two blocks from the site of a shooting Tuesday morning in the 800 block of Maple that left one person dead.
The county’s land bank, created in 2012, acts as a lead agency in receiving federal and state grants, McNamara said.
The land bank obtains properties through donation, from forfeited land lists, through foreclosures or by purchasing them, in which cases, the local governments provide the funds for acquisition. Once a property goes through the land bank, “that cleans the title, which for a troubled asset is a very powerful tool,” McNamara said.
After buildings are demolished, the land may be offered for sale to neighbors, unless there are other plans for it, such as building something else on the property.
This article contains previous reporting by staff writer Denise Callahan.