According to DSNews.com, Wells Fargo and Bank of America recently became the Cuyahoga County Land Reutilization Corporation's newest partners, pledging to donate vacant and foreclosed properties to the organization for reuse.
Wells Fargo, working through the REO Clearinghouse (REO CH), began donating vacant and foreclosed low-asset properties to Cuyahoga Land Bank with a contribution toward demolition equal to $3,500 per property in certain target areas and $7,500 per property in the rest of the county.
Bank of America entered into a similar agreement to donate up to 100 vacant and foreclosed low-asset properties following the same monetary donation structure.
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Earlier this year, Bank of America announced property donation programs--limited demolitions and donations of foreclosed and vacant homes--in both Detroit and Chicago. How effective do you consider programs like these for the reuse of vacant lots? Let us know your thoughts in the comments!
Image credit: DSNews.com