Cleveland Heights May Explore Bond Ordinance
Updated 6/7/18: Cleveland.com published an article titled Cleveland Heights council still reviewing idea of foreclosure bonds.
January 24, 2018
In other business at the Jan. 16 meeting, City Council heard from residents Gary Benjamin and Melody Hart on behalf of the Greater Cleveland Congregations organization, renewing their call for a local “foreclosure bond” ordinance.
Elsewhere, similar legislation requires that banks post the foreclosure bond to pay for maintenance of vacated homes.
Benjamin noted that of the estimated 200 foreclosed homes in Cleveland Heights, roughly half may be in the Noble neighborhood, driving down surrounding property values as they continue to deteriorate.
Mayor Carol Roe said she has supported the legislative proposal in the past, put forward by her predecessor on council, Jeff Coryell, in 2015.
She added that while $10,000 has been the historical standard for the foreclosure bond, the city may want to look at $12,000 to $15,000, given the age of Cleveland Heights’ housing stock.
Source: The Plain Dealer (full blog)