FINDLAY, OH (Toledo News Now) - Hancock County will be receiving almost half a million dollars to demolish abandoned homes. The money comes from a settlement with five of the largest mortgage banks in the nation for facing government lawsuits over alleged foreclosure abuses.
The Hancock Regional Planning Commission said they will be able to demolish at least 40 homes with the grant money received from the settlement.
Attorney General Mike DeWine has allocated $75 million to the state's Moving Ohio Forward demolition program. All of Ohio's 88 counties will be receiving part of the settlement money to deal with and demolish vacant homes. Hancock County is receiving more than $400,000 to do just that.
Findlay city officials and the HRPC will be forming a committee that will discuss and decide which properties need to be demolished.
County officials believe this will help improve neighborhoods.
"It's going to be great. It's going to revitalize the area and that was the goal of this program, was to revitalize this area. So it'll be great for neighborhoods," said Aleta Foust, grant administrator for HRPC.
Homes considered vacant must be unoccupied for at least 90 days and no mortgage or tax payments may be made by the owner within that timeframe.