LORAIN — Another $3 million is coming to Lorain County to pay for demolition of derelict homes, according to state officials.
Meanwhile, crews are getting ready to take down 1034 W. Fourth St., which neighbors have complained about as one of Lorain’s worst vacant homes.
On Feb. 28, the Ohio Housing Finance Agency announced the Neighborhood Initiative Program to dedicate more than $49.5 million to 11 land banks around Ohio, including $3 million for the Lorain County Port Authority, on behalf of the Lorain County Land Reutilization Corp.The money will pay for demolition of homes that fall into disrepair and “greening” the lot that’s left, according to state plans.
The money comes from the “Hardest Hit” funds allocated to states to help prevent foreclosures as the housing values dropped. The announcement by Housing Finance Agency prompted statements by Ohio Sen. Rob Portman and Sen. Sherrod Brown, who agreed more tear-downs will help local property values.
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