CLEVELAND — Cleveland City Council has granted nearly $10 million of federal funds to Cuyahoga Land Bank to build and renovate houses in some of Cleveland's most historically underinvested communities.
Cuyahoga Land Bank on Thursday announced that the council allocated $9.9 million of American Rescue Plan Act funds to the land bank. The money will be used on homes in areas that include the "historically disinvested" neighborhoods of Central, Collinwood, Clark-Fulton and Glenville.
“We are incredibly grateful for Cleveland City Council’s vision and unwavering commitment on this transformative project to bolster historically challenged communities,” Cuyahoga Land Bank COO Ricardo Leon said. “With the Council’s trust, we will continue our successful work of removing blight to revitalize neighborhoods, expand affordable and market rate housing, and build sustainable economic growth to improve residents’ quality of life."
The nonprofit organization said the money would be spent on programs to support the construction and sale of affordable housing, revitalize existing houses, acquire properties to "prevent blight and further housing development efforts" and implement a pilot program to beautify the neighborhoods in the targeted areas.
Cuyahoga Land Bank, officially called the Legacy Communities Revitalization Program, said the organization aims to "continue transforming neighborhoods into thriving, equitable communities and create sustainable housing markets for owner-occupants in some of the most market-challenged areas" of Cleveland.
Cleveland City Council President Blaine A. Griffin (Ward 6), Ward 14 Councilmember Jasmin Santana, Ward 10 Councilmember Anthony Hairston and Ward 5 Councilmember Richard Starr said in a joint statement that the investment is meant to "spark activities in areas where private market typically does not go."
"The significant amount of ARPA dollars for stabilizing housing in our neighborhoods through gap financing, home repair, down payment incentives and other programs leverages money and commitments from private, philanthropic and not-for-profit partners," the statement reads. "The opportunity to collaborate with the Cuyahoga Land Bank presents promising expectations for the development of affordable homes in communities that are often overlooked."
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