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Problem of Bank Owned Properties in Cleveland to Get Respite

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By : Allana Castro    99 or more times read
The high number of foreclosed homes and bank owned properties in Cleveland has created housing problems for residents of the city and has contributed to the decline of some of the area's neighborhoods. With the announcement that Huntington Bank is set to invest in an affordable rental residential project, residents and local authorities are hoping that these problems will soon be alleviated.

The bank plans to spend $100 million to build rental homes across the state to help minimize the economic and neighborhood impact of the high number of Ohio bank owned homes and high foreclosure rates in the area. The investment has been declared as the largest ever for an affordable housing program in the history of the state. Under the project, 1,300 apartment units will be constructed and around 3,000 low income residents will be accommodated.

The contribution from Huntington is also expected to finance the remodeling and construction of affordable residences that have already started and were stalled due to lack of funds. According to the bank, the effort is meant to help those who suffered most from the impact of foreclosures and from the high number of bank owned properties in Cleveland and in other areas of Ohio.

Moreover, the project can create hundreds of construction jobs for residents, particularly those who lost their properties to a bank owned property listing. The project will be launched in collaboration with the Ohio Capital Corporation for Housing, a nonprofit organization that specializes in providing capital for affordable for-rent housing projects. The nonprofit has already invested in more than 20,000 homes across the state.

Legislators and local officials have praised Huntington's contributions and are hoping that the effort will stimulate the area's economy by providing jobs and affordable housing to low income residents. They also added that the bank's commitment is unprecedented and can help revitalize the whole state.

As the number of bank owned properties in Cleveland remain high, residents and local officials are hoping that more investments, like the one provided by Huntington, will come to the area to help the local housing market recover and stimulate the whole state's economy.
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