County officially awarded demolition $$

Van Wert independent news

It’s official: The Van Wert County Land Reutilization Corporation (land bank) will receive $500,000 in Neighborhood Initiative Program (NIP) grant money from the Ohio Housing Finance Agency (OHFA), according to information released on Wednesday.

While the amount is the minimum grant award for the program, it would still provide significant funding to demolish dilapidated structures in the county.

“We estimate we will be able to demolish about 20 to 30 abandoned homes with this funding, which will make an impact throughout the county,” said Sue Gerker, county interim economic development director. “It’s a great start for the Van Wert County Land Reutilization Corporation.”

The OHFA awarded a portion of $54.2 million in funding available through the fifth round of the Hardest Hit Fund Program. In total, $238 million has been allocated to this program. Sixteen counties received first-time awards, while 19 counties received an increase in funding through NIP.

In addition to Van Wert County, Ottawa, Ross, and Williams counties also received the minimum amount of $500,000, while the largest grant went to Allen County Reutilization Corporation ($4.5 million).

“Studies indicate having a blighted and vacant structure within 500 feet of an owner-occupied residence negatively affects property values, thus increasing the risk of foreclosure,” said Doug Garver, OHFA executive director. “As our land bank partners continue to eliminate those properties in neighborhoods, communities are experiencing the direct positive impact as a whole by providing safe spaces for children to play, community gardens, and redevelopment.”

As with previous rounds, the maximum amount of assistance per property is $25,000, with an estimated average of assistance of $14,000. Nearly 4,000 blighted structures have already been removed under the program.

OHFA is partnering with 37 land banks across the state to focus blight elimination efforts in target areas where the demolition and greening of vacant homes will assist in preventing a further reduction in property values and the foreclosure of neighboring occupied residential homes.

Awardees are responsible for all aspects of the property acquisition and removal, as well as plans for greening and ongoing maintenance of the property.

In addition to the NIP grants, applications were also accepted in late September from homeowners who have struggled to keep up with their mortgage payments, due to unemployment. A total of $25 million has been allocated to assist homeowners with bringing, and keeping, their mortgages current.