Dayton area awarded nearly $11 million to help demolish dilapidated vacant homes, prevent further blight
Dayton, OH: Blight-encouraging vacant homes in the Dayton area are on cue to be razed in order to help prevent further foreclosure increases and property value decline for
The Ohio Housing Finance Agency (OHFA) has approved distribution of nearly $11 million of the $191 million granted to OHFA from the U.S. Department of the Treasury, out of the additional $2 billion allocated in 2016 for the Hardest Hit Fund program.
The funds will be in part to help remove homes in the Dayton area in varying degrees of dilapidation that are pulling down property values in neighborhoods where the homes are otherwise not suffering from such decline.
Property owners that receive funds for demolition of the homes will still be required to keep the vacant lots in line with city ordinances, until such time as a new owner is found.
The maximum amount of assistance a property can receive is $25,000, with an average of $14,000 of assistance, according to the OHFA Round 5 Press Release.
The program is both for rejuvenation and in order to stymie further foreclosures, due to the often influence one or two severely unmaintained vacant properties can have on the desire for residents to remain in a neighborhood or for prospective residents to decide to join a neighborhood.
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