Bank of America on Tuesday agreed to donate up to 100 vacant properties to a Cleveland area land use bank in a program similar to earlier ones in Detroit and Chicago.
The Cleveland-area donation is part of an agreement with the Cuyahoga Country Land Reutilization Corp. aimed at alleviating the impact of vacant properties on surrounding neighborhoods and the community.
The bank said it would identify vacant, low-value foreclosed properties for the donation to address problems caused by a growing inventory of abandoned, uninhabitable properties and contribute toward the costs of demolishing or deconstructing any buildings that are deteriorating.
The land bank is slated to use the donated properties for future development, open space and urban farming or other uses considered advantageous to surrounding communities.
Rebecca Mairone, national mortgage outreach executive for Bank of America, said unfortunately many homeowners in the area faced with economic hardship that may be connected with lack of or underemployment have abandoned their homes.
