Other people’s money: Certain use of federal stimulus cash by land banks “presumed” eligible

During the past decade, county land banks ramped up operations across Ohio largely employing one-time cash. The Hardest Hit Fund (HHF), sourced from Ohio’s share of mortgage industry settlement payments related to the Great Recession, was a catalytic funding source for demolishing thousands of vacant and abandoned residential structures throughout the state. HHF served its purpose, and served it well. However, as the remaining program dollars are drawn down, many county land banks are facing existential funding questions. For more, read the full article

Economic Development, Financial Incentives, Project Finance