The Cuyahoga County Land Reutilization Corporation, a/k/a the Cuyahoga Land Bank announces the availability of a third round of construction gap grants to support the development of new residential housing.
Donor Name: Cuyahoga Land Bank
State: Ohio
County: Cuyahoga County (OH)
Type of Grant: Grant
Deadline: 10/28/2022
Size of the Grant: $1.58 million
Details:
The Cuyahoga Land Bank is a community improvement corporation formed in 2009. Its mission is to strategically return non-productive properties to productive use and to improve the quality of life for Cuyahoga County residents. The Land Bank is organized as an Ohio nonprofit corporation and as a county land reutilization corporation under Chapters 1724 of the Ohio Revised Code.
Funding Information
The Land Bank will make at least $1.58 million in grant funding available for this program.
Threshold Criteria
The Land Bank will strategically invest in emerging markets (as defined by the Land Bank) by offering construction financing gap grants for eligible projects in order to incentivize development activity and to stimulate higher market values in these areas. Projects must first satisfy the following thresholds to be eligible for further consideration:
- Project location in emerging and target area markets: The project must be located within the boundary shown in Exhibit A. For a more detailed view of the target areas, the emerging market boundary and potentially available lots, PLEASE NOTE: You do not have to apply for a Municipal Land Bank lot, or a lot owned by Cuyahoga Land Bank in order to apply for the grant.
- Project type: Newly-constructed single- or two-family homes. Both free-standing homes and townhomes are eligible. Townhome projects must submit a site plan along with the application. Renovation projects are not eligible.
- Disposition type: Homes must be built for an owner-occupant(s). Investor-owned rental properties are not eligible. Construction of the homes may not commence until after such time that a grant has been awarded.
- Home sales price: Up to $385,000. There are no income limits for the homebuyers.
- Development entity: Developers desiring to apply may be organized as a for-profit or a non-profit entity registered with and in good standing with the Ohio Secretary of State. A developer is defined as a company whose principals and staff will conceive, control, invest in and orchestrate the project from beginning to end.
- Experience: Developers must demonstrate that they have built at least 3 newly-constructed, single or two-family homes or 3 newly-constructed townhouse projects in Northeast Ohio and that the units were sold during the period March 6, 2019 – September 16, 2022.
- No Debarment: The development company and/or each of its principals may not be on the Cuyahoga County Inspector General’s debarred contractor list.
- Other Property-related thresholds: The development company and/or each of its principals may not have owned any real property wherein they lost title to the property or had any foreclosure filings after September 16, 2019. In addition, the company and principals may not currently own any real property that:
- is known to have material violation(s) of state and/or local codes or has a history of code violations;
- is known to have a history of being a site for criminal activity during their ownership;
- is tax delinquent.
For more information, visit CLB.
