News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Hospice of the Western Reserve

Wayside Furniture


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


Bank of America ratchets up investment in Cuyahoga land bank
Extra asbestos regulations require more help
Story by ROBERT SUSTERSIC


 
In The Region:

The Bank of America is putting up an extra $25,000 to help Cuyahoga County tear down or redevelop 100 abandoned houses.

The bank is donating the homes to the Cuyahoga Land Bank as part of a deal reached back in June of 2011. Gus Frangos is president of the Land Bank, and a former municipal court judge.

FRANGOS on keeping properties away from speculators

Other options:
Windows Media / MP3 Download (0:19)


 “What underpinned the agreement was the need to have large banks stop trafficking in low-value assets and putting them into the speculation market, but instead putting them into a land bank where they can be assessed and more carefully disposed of whether by demolition or rehab.” 

At the time, Bank of America promised to pay $7,500 to cover the costs of demolition for each house. But the bank is now ratcheting that up to $10,000 to cover extra costs associated with asbestos removal.

The bank has transferred 50 homes so far, and Frangos says the land bank has been able to save about six of those.

 

FRANGOS on pleasant suprises
Other options:
Windows Media / MP3 Download
(0:15)

“One surprise that has come up a little bit is that some of the homes have been suitable for rehabilitation and some of those we have rehabbed through private sector investment and they’ve resulted in owner occupant, so that’s always a good thing.”

Frangos says the county has 15,000 to 17,000 abandoned homes.

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook



Stories with Recent Comments

Lordstown GM plant plans to install 8,500 solar panels
How much will this solar array cost? How is it being funded, and who is really paying for it? How much real useful electricity will it actually produce in MEh p...

Local Ebola concerns cause officials to pay more attention to West Africa
I have a better idea, let's secure our borders and spend those billions of dollars on our own first.

HUD and Cuyahoga Land Bank extend a housing deal for another year
Need to sale lot, and would like to know how to contact someone to see if they may be interested in the property that sat between two lots. If you can give me...

Akron Beacon Journal details abuse claims against televangelist Angley
In the early 90's I went forth for pray. And the man was anointed by the hand of God. Just a fact I will never forget

Lawmaker questions why a million voters didn't get absentee applications
He's a damn lie! I vote n all elections. I missed 1. Haven't gotten my absentee ballot and their making it hard to get one.

Thirsty Dog Brewery warns it might have to leave Akron
Why is it the city's responsibility to find this guy a location? There are a hundred realestate companies that could help him.

Kent State sends home three after contact with second Ebola-stricken nurse
Why weren't all health workers who were around Duncan quaranteened for 21 days and tested for Ebola? That's a no-brainer. Why was Vinson allowed to travel right...

New book says Willoughby Coal is haunted...and that's good for business
Would love to see a series of books that would just thrill me. I cannot wait to visit some of the locations. And revisit some of the locations I have already vi...

Cleveland Indians to continue with 'dynamic pricing'
pricing is too high for a family as well as people like me who are on a fixed income. Bleacher seats are cheaper but concessions are rediculous.

Kasich talks about faith, drugs and education -- but never FitzGerald
The idea that you can learn more by talking to a 90 year old person than from a history book is just another example of how the GOP hates education and knowledg...

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University