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U.S. Senator Sherrod Brown
Revitalizing
Ohio Neighborhoods
The housing crisis and the Great Recession that followed took a
devastating financial and psychological toll on a generation of
Ohioans. One of the most painful and lasting wounds of the economic
disaster was the massive increase in foreclosures across our country —
and few states were hit harder than Ohio.
To ensure that our communities have the resources they need to rebuild,
I fought to invest in something called the Hardest Hit Fund, as part of
the end-of-year budget deal Congress passed in December. And I’m proud
to say that Ohio will receive up to $350 million from that investment.
Hardest Hit Funds help keep families in their homes and demolish
abandoned buildings that are holding neighborhoods back.
When one home is foreclosed on or abandoned, it has a ripple effect
that hurts the value of other homes in the neighborhood, attracts
crime, and drags down the local economy. The Federal Reserve Board of
Cleveland found that foreclosures and vacant or abandoned properties
can reduce the sales price of a home by more than 7 percent. This
creates a cycle that continues to drive down home values, making it
more difficult for Ohioans to sell or refinance.
Removing these abandoned properties boosts the local economy and helps
to make neighborhoods stronger and safer places to live and raise
families.
Since 2010, Ohio has received more than $570 million in Hardest Hit
Funds. That investment has helped 24,500 Ohioans, with the overwhelming
majority able to remain in their homes. Under the new plan, Ohio will
receive a direct infusion of $97.6 million right away, and we will have
the opportunity to apply for up to $250 million more. The Treasury
Department also extended the deadline for using program funds, giving
local communities more flexibility to determine the best way to use
this money to boost their economy and neighborhoods.
But too many communities are still suffering from the wreckage the
housing crisis left behind, and this problem can’t be fixed overnight.
A report from Policy Matters Ohio estimated that it would cost $750
million to demolish all the blighted and abandoned properties in Ohio.
The latest Hardest Hit Fund is a big step in the right direction that
helps pave the way for growth.
Several Ohio counties with established land banks have already used
Hardest Hit Funds successfully, but more counties could also benefit —
particularly those with small towns and rural communities. I encourage
Ohio counties that have a land bank in place to apply for the program.
Since the housing crisis began, our local land banks and community
groups have stepped in to stabilize communities facing widespread
foreclosures and blight. The Hardest Hit Fund is critical to furthering
their efforts. I will continue fighting to protect these funds that are
so important to Ohio communities.
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