Neighborhood Initiative Program (NIP) Demolitions
The Lake County Land Reutilization Corporation or Land Bank is an active participant in the Neighborhood Initiative Program (NIP). This program is intended to help stabilize property values by removing and greening vacant and blighted properties in Targeted Areas in an effort to prevent future foreclosures for existing homeowners. Sadly throughout Ohio, many homeowners today owe more than their home’s estimated value. This negative equity, oftentimes combined with other factors such as a loss of income, increases the likelihood of foreclosure because homeowners in large measure do not have the option to sell a home they can no longer afford. The result can lead to distressed sales, further depressing property values and continues the downward spiral, frequently resulting in vacant and blighted homes. The demolition of these severely neglected structures is a critical component of strategies to stabilize home values and strengthening neighborhoods.
We are excited to announce that the Land Bank is again the recipient of an NIP grant, this time amounting to $750,000. These funds will allow Lake County’s Land Bank to continue its participation in this all important program, as our initial award of $500,000 has been used to help fund the demolition of 27 structures to date. Our most recent award is to be used strictly for the removal of blighted residential structures, in targeted areas, as they are acquired by the Land Bank. These funds are available in the form of reimbursements through December 18, 2019.
Properties owned by the Land Bank may be acquired through tax foreclosure, purchase of tax liens, forfeiture, donation, outright purchase, or by other means. With few exceptions, the Neighborhood Initiative Program requires that we maintain each of these properties for a period of three years following the disbursement of NIP funds for our demolition activity, otherwise the Land Bank may be required to return the funds awarded.
Once this three year period has concluded, these now vacant parcels will be listed in our Available Properties section. The date of availability when determined will be included with the information listed below. For a complete description of the Neighborhood Initiative Program, please click on the attached Guidelines.