Central Ohio land banks set goal to demolish 1,130 properties by 2019

Franklin County and Columbus land bank officials are purchasing tax liens to acquire 1,130 properties for a $21 million demolition goal, a report by the Columbus Dispatch says. The goal is to have the homes torn down by 2019.

The organizations have torn down 346 properties in four target areas already, the report says. The properties were acquired by tax foreclosures through the county treasurer. Two hundred and seventy-four more properties were acquires by the lank banks through tax liens.

Because of the homes’ poor quality, the organizations will see if they are qualified for special, expedited forecloses processes. According to the report, private investors have been buying liens from the county treasurer’s office. Investors look to property owners to pay off the back taxes, including interest, before the liens expire. If the back taxes aren’t paid off, the report says, investors sell the houses.

In October, the Ohio Housing Financing Agency awarded the county land bank $2.3 million during the fifth round of funding through the U.S. Treasury Department’s Hardest Hit Fund Program, bringing the local total to $20.9 million. According to the report, the land banks have until the end of 2019 to spend the money.