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New Ohio Law Fast Tracks Foreclosures for Vacant Properties

The Federal Reserve Bank of Cleveland provides an early assessment of a new foreclosure law in Ohio designed to help reduce vacant and blighted properties in the state.
November 22, 2016, 8am PST | James Brasuell | @CasualBrasuell
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An article by Michelle Park Lazzette details a new state law in Ohio that fast-tracks foreclosures of vacant and abandoned properties.

Lazzette checks in with community development experts from the Federal Reserve Bank of Cleveland, the same organization that targeted the need for such a law in a 2013 white paper. Their verdict: the success of the new law will all come down to implementation.

Potential sticking points for the new law include local jurisdictions, financial institutions, and some local housing advocates, according to the Cleveland Fed experts cited in the article. The potential benefits of the new law, however, include lower costs to local jurisdictions and neighbors.

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Published on Tuesday, November 15, 2016 in The Federal Reserve Bank of Cleveland
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