Karin Connelly Rice of Freshwater Cleveland:
Ever since the real estate housing crash in 2008, Cleveland communities have been faced with tackling the problem of vacant and blighted homes—pulling down property values and aesthetic appeal in neighborhoods already struggling.
According to Justin Fleming, director of real estate for Cleveland Neighborhood Progress (CNP), there are about 9,500 vacant homes in the City of Cleveland. “I’d estimate that approximately 4,500 of those are structurally capable of being rehabbed within a reasonable budget,” he says. “The other 5,000 are likely structurally too far gone to reasonably save.”
But thanks to a three-year, $700,000 grant given to CNP by Detroit-based Quicken Loans, some of those homes with rehab potential will get that much-needed work. The grant is meant to provide CNP with funding for its efforts to stabilize housing markets and revitalize city neighborhoods.
“We’re really excited about this partnership with Quicken Loans,” says CNP president and CEO Joel Ratner. “We were looking for ways to rehab more homes to not only increase home ownership, but to also get these houses back on the tax rolls. We’ve been talking to them for a long time, and they’re also interested in [addressing] blight.”