CLEVELAND – The Cuyahoga County Land Bank is the first of its kind in the country. It’s funded by the $6 to $7 million that’s collected every year by the county in penalties and fees from delinquent property tax bills.
The county believes that money can fix the foreclosure problem.
“I would classify this land bank as being a land bank on steroids,” Cuyahoga County Land Reutilization Corp. President Gus Frangos explained.
The bank is bulging at the seams with properties. It acquires 100 a month from banks, Fannie Mae, Freddie Mac and HUD
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