The Plain Dealer recently reported that the United States Department of Housing and Urban Development will cancel its ongoing deal to sell post-foreclosure homes to the Cuyahoga Land Bank at a deep discount.
As many of you are aware, Northeast Shores has aggressively used this program to create nearly 30 homeownership opportunities in our neighborhood since the Land Bank opened in 2010. This program allowed us to sell homes to interested buyers for as little as $5,000. In a few circumstances, these homes were completely rehabilitated and sold for nearly $100,000. These homeownership opportunities allowed us to further attract artists to the neighborhood, remove the number of blighting structures by returning them to productive use, and increase the rate of neighborhood homeownership.
During a time when our community is still dealing with the aftereffects of the foreclosure tsunami, it is essential that we are able to continue to provide these opportunities for homeownership. We are currently under-supplied due to a significant uptick in artist demand from across the country. As we are finally seeing a possible neighborhood recovery, it is critical that this program continue so our plans can proceed.
Please take just a few moments out of your busy schedule and contact your senators and representatives and let them know that they need to reverse this bad decision. Even if you do not live or work in the Collinwood community, this is a national decision that needs further examination.
It is very rare that we ask you to reach out to Congress on our behalf. Please help!
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