YOUNGSTOWN — In its new foreclosure bond legislation, the city has an effective tool to fight urban blight, city law department officials said.
The city has $870,000 in foreclosure bond money on hand, having accumulated that sum since it began collecting such payments in April, city Law Director Anthony Farris said at a news conference today at Mahoning Valley Organizing Collaborative’s offices, 25 E. Boardman St., downtown.
That doesn’t include the $50,000 to $60,000 the city has refunded in cases where foreclosure proceedings have ended.
Under an amendment to the vacant-property registry, which city council unanimously passed in January, those filing foreclosures on vacant homes or homes that become vacant, must post a $10,000 cash bond.
Failure to pay the bond is a first-degree misdemeanor criminal offense, but the city hasn’t prosecuted anyone yet for this offense.
For the complete story, read Saturday's Vindicator and Vindy.com