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Mortgage Settlement Proceeds Fund Blighted Property Demolition

Feb 28, 2015

Nearly 15-thousand blighted properties around Ohio have been demolished in the past two years under a program aimed at benefiting areas affected by foreclosures.

The state used 75 million dollar from a national settlement with major mortgage servicers to create a grant program to revitalize neighborhoods and eliminate abandoned structures. Ohio Attorney General Mike DeWine says the demolitions have helped get rid of eyesore properties that posed safety hazards and diminished property values. Each of Ohio's 88 counties received grant money based on their percentage of foreclosures. Matching funds were required for some allocations. DeWine says the program has helped to repair some of the damage left behind by the foreclosure crisis.