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.

Greater Akron Chamber

Metro RTA

Northeast Ohio Medical University


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


Ohio shifts $60 million from foreclosure prevention to demolition
Treasury OK's the money move
Story by BRIAN BULL


 
Jim Rokakis says more demolition will save other homes
Download (WKSU Only)
In The Region:

Ohio has been approved for $60 million to expand demolition of  vacant houses.

The U.S. Treasury Department gave the nod to the Ohio Housing Finance Agency to use part of the state’s $375 million “Hardest Hit Funds” to tear down blighted properties.

Among those praising the news is Jim Rokakis, director of the Thriving Communities Institute and engineer of Ohio's first county land bank.  He says this all began nearly two years ago, when community groups, housing advocates and congressional representatives met with Treasury officials about the foreclosure crisis.

LISTEN: Rokakis on demolition needs

Other options:
Windows Media / MP3 Download (0:24)


“With the collapse of Frannie and Freddie, the U.S government now backstops nine out of 10 mortgages.  And we saw a clear connection between vacant properties and increased foreclosures.  Our argument to them was, “Help us find money to take down some of these vacant properties, and we think we can bring down the foreclosure rate.” So if you have to spend $20,000 to take down two houses. But it saves you from having to guarantee a mortgage of $150,000, that’s a good deal.”

The Ohio Housing Finance Agency figures that, when the new demolition initiative begins next year, $2,000 will be available per property. That means 5,000 empty and foreclosed homes will be razed.

 

Listener Comments:

Local, Handicapped Family is struggling to live in a small, "fourth Rate" house. Please help us find a regular sized home that we can Finish and
live in instead of being torn down.


Posted by: Gary Cook (Canton, Ohio) on February 24, 2014 8:02AM
I used to share the sentiments of Mr Schmiitz. His idea might work in a high demand market. In places like
Toledo we can't even give away a newly constructed in fill home in many of our most challenged neighborhoods. We have so many folks trying to hang on but who find it impossible to invest anything when the home next door is falling in on itself.

Home owners in such neighborhoods have no chance and no hope until we can get control of the blighted and abandoned home problem. There are no urban in fill developers in these neighborhoods. Helping to rework a mortgage on a block like that becomes a sad joke without a focus on real obstacles to investment.


Posted by: Mike Beazley (Toledo) on August 25, 2013 6:08AM
A terrible idea. An empty lot won't make a delinquent mortgage current. Perhaps cause and effect are being confused.

Instead, give these homes to people who have been foreclosed upon already. Or to disabled veterans. Or to non-profits to set up day care centers or after school programs. Anything but tear them down. Spend the money to fixed up the schools instead.

In Cleveland my parent had trouble selling the house I grew up in for $50,000, even though somebody can get a mortgage today for $250/month. Meanwhile lesser homes were renting for $500-700/month.

If a house is truly beyond habitability, then an urban infill developer can spend their own $2000 for demolition after they acquire the lot and get a permit to build and deliver something else.

Make the changes needed for people to want to live in these neighborhoods again.


Posted by: Ray Schmitz (New York, NY) on August 24, 2013 11:08AM
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

FitzGerald isn't giving up, but many Stark voters are worried, wary and weary
SB5 stands for "Snow Ball 5" because voters have about a snow ball's chance of remembering what it was.

Columbus groups are trying to pass a Bill of Rights to combat fracking
Its about time we make a stand against the criminal actions of an entire Indsutry.

Crystal Ball says Ohio governor's race is done
How much is the Kasich campaign paying you to keep repeating the phrase "woman who is not his wife"? Fitzgerald was in the car with a friend who happens to be f...

Plane that crashed killing Case students is a popular training aircraft
The following is incorrect. The last few words should read "UNDER maximum gross take-off weight." “They have a normal take-off speed and all those take-off...

Exploradio: The never-ending war against superbugs
Super Federico ,we are so proud of you ,and very lucky to be among your friends . Keep it up human kind needs people like you to survive .Thanks for being so d...

Ohio's Lyme disease-carrying tick population is exploding
Interesting report. The last sentence needs some editing. It isn't a good idea to "save garments carrying ticks for analysis." The garments carrying t...

Teach for America enters third year in Ohio
For more background on TFA, check out http://reconsideringtfa.wordpress.com/

Faith leaders hold week-long prayer vigil at Ohio Statehouse
I think this is the wrong link to the audio. Its Andy Chow about cigarette taxes.

A $30 million plan to turn Cleveland's Public Square from gray to green
The current plan is for the Land Bank, RTA, and Mr. Jeremy Paris to run a bus line through the new Public Square and cutting the park in half. Save Public Squar...

Medina County residents question safety of proposed natural gas pipeline
I'm very concerned about this nexus project. I've received mail requesting my permission to allow the company to survey my property. I don't understand how thi...

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