Youngstown, MVOC support new law on home foreclosures
YOUNGSTOWN — City and Mahoning Valley Organizing Collaborative officials said today the enforcement of a new law requiring those filing foreclosures on vacant homes to post a $10,000 cash bond will help reduce the city’s blight problems.
“It’s designed to hold banks responsible,” said city Law Director Anthony Farris.
The law, approved in January by city council, is based on laws in Springfield, Mass., and Canton, though the Ohio city doesn’t enforce it, said Gary Davenport, MVOC’s organizing fellow.
Youngstown has information on 954 houses currently vacant — several more exist — with about 735 of them either in the process of being foreclosed by a bank or foreclosed, city officials say.
The city has sent letters to several of those banks informing them of the $10,000 bond on each structure.
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