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Vacant Single and Multi Family Properties Rise in Dayton



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By : John Cutts    99 or more times read
Empty single and multi family properties in Dayton, Ohio continue to rise in number despite the ongoing demolition program in the city. Since 2007, the program has demolished over 1,000 housing structures, but local authorities believe that with this pace, a decade would be required before the city can achieve its desired building stock of $50 million in cost.

Local housing authorities have stated that the number of nuisance properties in the city keeps increasing as more homes fall under Dayton foreclosure auctions. As of 2010, the number of vacant premises in the city is estimated to be at 12,000, with majority of them residential.

City inspectors have stated that the list of vacant structures continues to grow because housing authorities have become more efficient in identifying vacant premises and because a lot of property owners are losing their homes to foreclosures and seeing them sold off at Ohio home auctions.

As the lists of foreclosed properties grow in Dayton, the problem of abandoned and vacant properties also escalates. The city's vacancy rate currently stands at around 21%, with Dayton targeting a 10% goal. This means that to achieve its goal, Dayton needs to tear down between seven and eight thousand units and create more jobs.

According to city housing officials, the policy before was to save single and multi family properties so that they can be renovated. However, the declining population of Dayton and the ongoing weakness in the region's economy meant that there is not enough market to take in renovated dwellings. For now, Dayton is not much into renovation and is instead focused on demolishing structures in worst conditions.

The aggressive demolition campaign hit its stride in 2008, the year when around 300 structures were taken down in the city. Before that year, demolitions in Dayton totaled around 30 to 40 per year. The demolition program is also supplemented by federal money meant to stabilize communities hit hard by the foreclosure crisis.

Neighborhoods in the area have received almost $45 million during the Neighborhood Stabilization Program's (NSP) first and second rounds. The money was used to rehabilitate vacant single and multi family properties and to demolish those that are beyond renovation. Local authorities are hoping that the third NSP round will provide the city with further monetary assistance.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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