Wells Fargo & Co. and Bank of America Corp. have agreed to hand off some of the foreclosed properties they own in Cuyahoga County, Ohio.
The banks have joined others in working with the Cuyahoga County Land Reutilization Corp., donating vacant and foreclosed properties to the land bank that serves the county in Northeast Ohio encompassing Cleveland.
The land bank's mission is to acquire properties and revitalize them in an effort to reduce blight and boost property values. Wells and B of A join Fannie Mae, the Department of Housing and Urban Development and JPMorgan Chase & Co. in supporting the land bank.
"Each partnership we are able to establish provides us with more resources to tackle the issues of blight created by foreclosure and abandonment within our communities," said Gus Frangos, president and general counsel for the Cuyahoga County Land Reutilization Corp., in a press release.
So far, Wells Fargo has donated 26 properties and $127,000. B of A agreed to donate up to 100 vacant and foreclosed low-asset properties, as well as monetary contributions toward demolition costs.