In line with GOPC’s policy priorities, GOPC wanted to highlight two items within the Governor’s proposed budget aimed at providing a direct investment in our communities – specifically, Ohio’s legacy cities.
The 614 for Linden: Advancing the One Linden Community Plan
On November 25th, the City of Columbus and community partners announced the details of The 614 for Linden, a collaborative to advance the One Linden Community plan. The collaborative is named for six nonprofits partnering with four community development financial institutions (CDFIs) to have a positive and significant impact on one neighborhood.
A Toledo Partnership is Reinvesting in Neighborhoods through Renewable Energy
Managing Distressed Properties at Wells Fargo Community Development
Guest post by Lauren Martinez of Wells Fargo REO Community Development In a little-known corner of Wells Fargo lives the REO (real estate owned) Community Development Team. This 30 person team, on a basic level, manages distressed properties that have gone through foreclosure while trying to find a suitable nonprofit organization or municipality to receive the properties as donations. The idea is pretty simple, but the effects of the idea create something wonderful out of (nearly) nothing.
This program began in 2009 and has grown over the past six years to donating more than 1,500 properties each year. Of course, there are some regions and states that see more donations than others, states like Florida, Maryland, and, more recently, New York. Wells Fargo operates both a large scale program that donates multiple properties at a time to organizations that have a housing-focused mission and extensive experience rehabilitating homes, as well as a smaller scale program called the Community and Urban Stabilization Program (known as CUSP). This program focuses on a wider target of non-profit organizations and places of worship that do not necessarily have a housing mission but do have the desire and ability to rehabilitate and use a distressed property for a good purpose. The underlying idea of both of these programs is to provide these non-profits and the communities that they serve with an opportunity to stabilize neighborhoods that need it.
It’s truly inspiring to see the wonderful things the nonprofits do with the properties. From vacant lots, we’ve seen community gardens and parks appear; from distressed homes we’ve seen food pantries, low income housing, non-profit office and meeting spaces take shape. The possibilities are virtually endless, and we at Wells Fargo are so proud to play a part in it. It’s no secret that the non-profits are those that put in the long hours and hard labor to put these homes and lots to good use. I often like to think of the process as growing a garden. The non-profits spend the time cultivating, watering, nurturing and weeding out what’s causing the blight. We’re providing the seed for the organizations to make something beautiful out of a less than ideal situation.
“From a small seed a mighty trunk may grow.” –Aeschylus
If you’d like more information on our programs, please visit http://reo.wellsfargo.com/community.
The pictures provided below are before and after photos of a rehabilitation completed by the Trumbull County Land Bank, located in Warren, Ohio. This non-profit organization’s focus is “to help return vacant and abandoned properties in Trumbull County, Ohio, to productive use.” The house is now a “first home” for a young couple.
Resources for Investing in Ohio's Future
This four-page guide from the Ohio Department of Development and JobsOhio provides a description of every economic development finance tool available at the state level. These finance tools include tax credits for job creation and retention, research and development, historic preservation, and more. There is also a loan program that aims to help small businesses grow and expand. This catalog of resources is useful for communities that have catalytic projects that may be experiencing funding gaps. An easily accessible collection of resources available from the state can help communities identify economic and community development programs that can assist in the realization of these projects.