YOUNGSTOWN, Ohio (WYTV) – The Mahoning County Land Bank will receive $6.89 million for the demolition of blighted, vacant and abandoned homes.
The demolitions, which will take place throughout the next three years, are being funded through reimbursements from the Ohio Housing Finance Agency (OHFA).
OFHA administers programs to support quality, affordable housing. The funding was announced on Wednesday.
This is the Mahoning County Land Bank’s third reimbursement award from OHFA. The first was $4.26 million awarded in February of 2014, and the second award was $500,000, announced in November 2015.
The Land Bank plans to demolish 300 vacant homes in the county by mid-2017. The latest award allows the Land Bank to demolish an additional 450 homes by mid-2019.
As part of the award requirement, moderate landscaping will occur on the sites of the demolished homes.
The Trumbull County Land Reutilization Corporation is also receiving $6.5 million from the Hardest Hit Fund, according to OFHA.
A calculation based on each county’s request and spend-down rate was used to determine how much each county would receive. Recipients were required to demonstrate substantial or exceptional progress toward demolishing vacant and blighted properties under the program.