Presentation on theme: "Richland County Land Reutilization Corporation."— Presentation transcript:
Richland County Land Reutilization Corporation
This is your house!
This is your next door neighbor,
or this is just down the road, or.. the next street over !
How much does blighted properties hurt home’s value ?
Academic research conducted by Wharton School of Business at the University of Pennsylvania
DeWine, in a telephone interview (By Henry J. Gomez, Northeast Ohio Media Group, The Plain Dealer on October 10, 2013 at 2:00 PM) said “demolitions were a top priority because they help improve property values by clearing foreclosure-ravaged neighborhoods of blight”. When DeWine won nearly $94 million from a national mortgage settlement national mortgage settlement, he saved the largest chunk to demolish vacant homes.
Foreclosures result in distressed sales that further depress property values and continue the downward spiral, too often resulting in Vacant and Blighted homes.
In August 2011, the nation's banks, along with Fannie Mae and Freddie Mac, had an inventory of more than 816,000 foreclosed properties on their books, all waiting for buyers. An additional 800,000 properties were in the midst of the foreclosure process
In Ohio, a new form of land banks has been established as a strategic response to our urban vacancy crisis. Ohio General Assembly authorized the creation of this new form of land bank in 2008.
Governmental Entities Local Nonprofits Concerned Citizens Community Groups
Previously Across the Street from The Ritter Building Currently Across the Street from The Ritter Building Richland County Demolitions Private Investor Rehabilitation
By Statute: County Treasurer 2 County Commissioners Representative of Largest City Representative of Largest Township
Apply for additional Land Bank grant monies Strategically acquire blighted properties Return blighted properties to productive use through sale to private owners demolition preparation for traditional economic development creative reuse such as gardening, green space, storm water management Increase property values through these efforts Support community goals Improve the quality of life for Richland County's residents.
Land Bank Funding Primary funding comes from the accumulation of penalties and interest on collected delinquent real estate taxes and assessments. Grants Sale of acquired properties to qualified property owners Donations Recoupment of funds from various banks
Acquisition Disposition County Land Reutilization Corporation
To clear the title of past due taxes and liens. To clear properties of vacant, abandoned, and unsafe structures. To clear properties of debris and prepare lots for future ownership. To reduce “flipping” of low value properties. To create an affordable side lot program. To make these properties affordable for the average person.
NO CLEAR TITLE NO WAY TO PURCHASE PROPERTY NO SALE NO BODY TO MAINTAIN PROPERTY NO PROPERTY TAXES PAID
County Land Reutilization Corporation will acquire vacant and abandoned foreclosed properties from: tax foreclosure banks government sponsored enterprises such as Fannie Mae federal and state agencies, such as HUD donated properties gifts
Demolition of all structures Garbage, debris, and tires removed and deposed of according to EPA regulations Lot leveled and graded Slow growing grass seed is planted, straw is placed on top of seed * Only the trees that need to be removed in order for the demolition contractor to safely demolish structures will be removed. What happens after a structure has been demolished.
Homeowners with vacant, abandoned, and tax-delinquent properties adjacent on either side or to the rear of their owner occupied home have the option to purchase the property. Property owners with vacant, abandoned, and tax-delinquent properties adjacent on either side or rear of business or rental properties have the option to purchase the property. Note prices will be set by the Board of Directors at a later date.
Room for a garage, a garden, for children’s play area, fence in for dog, or just to have additional green space. The uses are endless.
Rehabilitation Richland County has opted to donate properties to Habitat for rehabilitation or for new built for owner occupant housing Deconstruction Richland County is working with Habitat to deconstruct housing materials for resale in their Restore.
Higher Property Values
Richland County… Repairing communities, properties, and neighborhoods that time has neglected.