City seeks cure for the ‘cancer’ of abandoned and dilapidated homes.
Banged up, boarded up and left for dead; abandoned homes are a problem for everyone. Jim Rokakis is championing a new study to prove it.
“All I can guarantee you for sure is this: If you don’t take a property like that down, it will like cancer spread. To the adjoining property, and the property next to that, and overtime people will leave these communities entirely. And who’s backstopping those mortgages? You and me. The U.S. government,” said Rokakis, former Cuyahoga County treasurer, now serving as director of the Thriving Communities Institute.
Cleveland has been aggressive following the foreclosure crisis. More than 15,000 buildings have been condemned since 2006. And the city’s spent $50 million to demolish 6,500 properties.
“They’ve done a good job but the resources are running out now, we have to look for other sources of revenue,” said Rokakis.
Rokakis is working with city leaders to fund a 10-month study to show the US Treasury how its funding up front could help clean up and clear out the old, and save us all in the long run. With the collapse of Freddie Mac and Fannie Mae, the government now backs 9 out of 10 mortgages.
“It’s demolition that helps to preserve some sense of stability in a neighborhood. And help to make sure that remaining property owners don’t lose faith and walk away from their mortgage,” said Rokakis.
Read more here, or view the local news video below:
