The U.S. Department of Treasury established the Hardest Hit Fund (HHF) in 2010 to provide targeted aid in response to the housing crisis that began in 2007, leading to unprecedented home foreclosures. Both mortgage and real estate tax foreclosures result in distressed sales that further depress property values and often resulting in vacant homes that become blighted. Demolition is a critical component of various strategies to stabilize surrounding home values.
Ohio’s HHF funds were administered by the Ohio Housing Finance Agency (OHFA) under its Neighborhood Initiative Program (NIP). The funds were allocated for foreclosure prevention and neighborhood stabilization efforts in neighborhoods that particularly experienced the negative effects of the crisis.
As of the end of June 2021, the last of the remaining HHF funds were allocated as the program enters the close out period. Over the past seven years, the Cuyahoga Land Bank demolished a total of 5,091 abandoned and blighted properties using more than $73 million in HHF funds, making a huge positive impact on neighborhoods and the quality of life of Cuyahoga County residents.
A picture says a thousand words, so scroll down to view just a few of the dangerous eyesores demolished by the Cuyahoga Land Bank using NIP/HHF Funds.
