The Portage County Land Bank, also called the Portage County Land Reutilization Corporation, recently received nearly $2 million in funds to aid in its mission of rehabilitating homes and buildings and returning them to viability.
Land banks acquire vacant, blighted, abandoned and tax delinquent properties and work to convert them to affordable housing units or operational commercial properties, said John Kennedy, Portage County treasurer and a member of the land bank’s board of directors.
In 2023, the nonprofit brought 52 properties back to the tax rolls, as stated in its latest annual report.
“The Portage County Land Bank is an incredibly important economic development tool to have in our ‘tool shed’ – without it, many blighted properties would remain in communities, ignored by banks for redevelopment and potentially depreciating the value of the surrounding neighborhood and community,” Kennedy said. “Providing high-quality, yet affordable, housing and commercial property helps to raise property values and increase property tax revenue, thereby helping support local schools and services, such as fire and EMS, township budgets, street repair and police.”
The land bank received $780,000 from the Ohio Department of Development’s Welcome Home Ohio program to build new two homes on property it already owns and restore four existing homes to livable condition. The Habitat for Humanity of Portage County and Neighborhood Development Services will collaborate with the land bank on these projects.
One house in Windham already owned by Portage County’s land bank is planned for rehabilitation. The bank initially plans for new construction of homes in Ravenna at 636 King St. and 326 Ravenna Ave., according to the nonprofit’s executive director, Dan Morganti. The bank already owned the land these properties will be built on.
The Ohio Department of Development also awarded the Portage County Land Bank around $1.01 million in funding toward the nonprofit’s own Brownfield Remediation Program. This program will help address the challenges in fixing abandoned or under-utilized commercial, industrial or institutional properties in the area that could release hazardous materials or petroleum during construction.
Morganti said assessment grants, which aid in inventory and planning purposes, were awarded for the following properties: 200 W. Williams St. in Kent and 571 N. Walnut St., 267 Hazen Ave. and 1057 W. Main St. in Ravenna. A remediation grant was awarded for 643 Cleveland Rd. in Ravenna.
Both grants mentioned were announced by the state in fall 2024.
Similar programs also run through other land banks nationwide.
“Our organization provides a good return on investment to the community in the form of property value being put back on the tax rolls as a result of our operations,” Morganti said. “I feel there is also a community development aspect to the work that we do, too. Addressing a nuisance property, or improving a house, for example, can have a huge positive impact to neighbors and surrounding properties. These successes are extremely important to us.”
Portage County’s land bank started up in 2012 in response to the housing crisis of 2008, Morganti said. Out of Ohio’s 88 total counties, 69 of them have a land bank, according to the Ohio Land Bank Association.
“We have various programs,” Morganti said. “We improve residential properties through our Acquisition-Rehab-Resale program and Deed-In-Escrow Rehab program. We do new construction activities through our New Construction Revolving Loan Fund.”
The Acquisition-Rehab-Resale and Deed-In-Escrow Rehab programs allow for people to purchase properties from the land bank. The New Construction Revolving Loan Fund provides financing for new housing projects that will later become open to buyers.
To support these efforts, grants, along with donations and sales of acquired properties, make up part of the land bank’s non-profit earnings. Kennedy said most of their operational funds come from a small percentage of an existing delinquent tax penalty and not from the county’s general revenue fund.
The treasurer said the land bank plays an important role in the health of the county.
“A land bank improves the look and feel of a community, and as such, can increase safety and reduce crime, all while boosting tax revenue for the local community and county,” Kennedy said. “To me, that’s a big win – not only do we reduce blight, we help create a more dynamic, vibrant and thriving community.”
