A group of current and former elected officials in Ohio are hoping the state will get a chunk of last year's 13 billion dollar settlement between JP Morgan Chase and the Justice Department.
The plan asks for $200 million to go to Ohio, most of it to knock down houses that the foreclosure crisis left empty and deteriorating. Other funds would support renovation, preventing future foreclosures and revamping vacant land.
It’s got support from Congresswoman Marcy Kaptur and Ohio’s two senators, Sherrod Brown and Rob Portman.
Recently Dave Chesar of Oakwood heard a story we did about the 6,000 abandoned properties in Dayton.
"At the end of the piece it said that the one thing that needs to happen is people need to start purchasing the properties," Chesar said. So he wondered: how do you actually do that? Who do you call? Is there a list? "Who really is the person, or group that can kind of transform those 6,000 vacant and distressed properties into properties that have a name, price and location?"
It’s been five years since the housing bubble burst. Lots of people in the Dayton area lost their homes to foreclosure, and many of those homes are still sitting vacant.
Before the housing bust, McCarthy says his work at the Miami Valley Fair Housing Center often focused on discriminatory lending and rental practices; they were trying to get people of color into homes. But since the housing bust, he says the center has shifted focus towards keeping people in the greater Dayton area in their homes, through fighting foreclosures and seeking refinancing.
A story in Bloomberg earlier this week found that hedge fund Magnetar has bought up a significant chunk of the rental stock in Montgomery County’s Huber Heights—and then requested a major reduction in those properties’ values. That reduction, if approved, could affect the city’s taxes and levies.