During the federal downturn in 2008 and 2009, the Federal government pumped millions into the Cities to help them clean up after the foreclosure crisis. The City of Cleveland received $41 million in NSP2 funding, as it was called. That money had to be expended by February of 2013, and we have the final tally for where that money went in our community:
Housing developed for families earning 50% of the Area Median Income up to 120% of AMI.
- 1 to 4 units of multifamily housing developed (100 units total)
- St. Luke's hospital renovation for houisng (65 units total)
- Circle East apartment in University Circle (20 units total)
For a total of $18.63 million expended
Housing serving the most in need in our community serving those at below 50% of AMI
- Belmore Euclid apartments managed and owned by CMHA (39 units total)
- Lee Road Apartments managed and owned by CMHA (40 units total)
- Fairfax Intergenerational for Grandparents taking care of their grandkids owned and operated by CMHA (40 units total)
- Cleveland Housing Network Lease Purchase properties (12 units total)
- Sylvia Apartments a historic apartment in the Detroit Shoreway neighborhood (16 units total)
For a total of $11.2 million expended
There were $6.6 million in 790 units demolished mostly in the City of Cleveland, but some in suburbs.
There were $418,000 in Land Banking of certain properties received from the County through tax foreclosure or HUD or Fannie Mae defaults.
There were 72 lots which received $1.08 million in lot re-use of certain parcels into parks or green spaces or other purposes.
Finally, thee was $3.1 million in administration of all these programs.
Totaling $41.0 million in NSP 2 funding to reverse the destruction in neighborhood foreclosures. These were the statistics provided by the Cuyahoga Land Bank at the October 2013 CAHA meeting.