Cincinnati City Council has passed unanimously a resolution supporting a six-month foreclosure moratorium in the state of Ohio, and is urging the state legislature to pass emergency legislation to make it happen.
Council hopes that the moratorium will allow current foreclosure cases to be held in abeyance, giving homeowners more time to plug into assistance programs provided by the state and federal governments and avoid losing their homes.
Each foreclosed home costs the City funds related to the abatement of vacant and abandoned properties, while also depriving the government of much needed property tax revenue.
According to the resolution, there were approximately 86,000 foreclosures filed in Ohio during 2008.*
The resolution also says that up to 40,000 Ohio homeowners will lose their homes to foreclosure over the next six months.
* Statistics vary, depending on the source, from the low 70,000s to more than 150,000. Whichever figure you choose, it is entirely too high to be good.
Previous reading on BC:
Cincinnati receives $8.3M in HUD funding (10/1/08)
Dohoney says City collections against banks 'successful' (8/21/08)
AHP wants Cincinnati support for lease buy-back program (7/7/08)
Foreclosure Phone-a-Thon coming up Wednesday (6/2/08)
Foreclosure initiative presented in Cincinnati council committee (5/14/08)
Thursday, January 15, 2009
Cincinnati supports foreclosure moratorium
