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Cuyahoga Land Bank to Release Economic Impact Study

10 years after its launch, Land Bank reflects on its impact with public forum

Cuyahoga Land BankThe Cuyahoga Land Bank was created in 2009 to address the devastating effects of the foreclosure crisis in Cuyahoga County. Over the past 10 years, the Cuyahoga Land Bank has acquired thousands of properties to return them to productive use, reduce blight, increase property values and improve the quality of life for County residents. This work has resulted in a total economic impact of over $1.43 billion, according to a new independent study.

The findings of the economic impact study will be released at a press conference and public forum at Cleveland State University’s Maxine Goodman Levin College of Urban Affairs on Wednesday, June 26.

The event will begin at 9:30 a.m. with refreshments in the Roberta Steinbacher Atrium at 1717 Euclid Avenue, followed by the press conference and forum at 10 a.m. The event is free and open to the public. Registration is encouraged.

The Cuyahoga Land Bank returns to CSU more than 10 years after then-Governor Ted Strickland signed Senate Bill 353 into law at the Levin College of Urban Affairs. S.B. 353 established land banks to respond to the devastating post-2008 foreclosure crisis.

Since then, the Cuyahoga Land Bank, headed by President Gus Frangos, has facilitated the renovation of  2,120 homes; demolished nearly 8,000 blighted and vacant houses; assembled and conveyed over 450 side-lots to homeowners for yard expansions and partnered with over 60 nonprofit, faith-based, and community development corporations to produce affordable housing for veterans, those transitioning from incarceration, single parents, legally resettled refugees and other special populations. 

“The independent economic impact analysis shows that the Cuyahoga Land Bank has had an enormous impact on neighborhood stabilization. It has had a widely-felt influence on the economy of Northeast Ohio,” says Frangos. “The Cuyahoga Land Bank has capitalized on its resources, partnerships and programs to improve the housing landscape, strengthen our communities and stabilize the County tax base. Through the collaboration of our county and city governments, CDCs and human service providers, we are making a positive difference in the quality of life for Cuyahoga County residents.”

The Cuyahoga Land Bank has restored homes, created jobs and improved neighborhoods. Its full economic development impact will be revealed at the press conference and forum on June 26. Dr. Roland Anglin, dean of the Levin College of Urban Affairs, will moderate a discussion with distinguished and diverse panelists who have worked with the Cuyahoga Land Bank on affordable housing, economic development and neighborhood advocacy. 

“This is an important milestone for the Cuyahoga Land Bank; the leadership and staff have put a tremendous amount of time, resources and effort into building this effective organization,” Anglin adds. “Without the land bank, the ravages of the subprime lending crisis would have been so much greater. We are honored to welcome them back to the College to celebrate the impact they have had on the Greater Cleveland community.”

Click here to register for the press conference and public forum.