Senator Fedor Sponsors Land Bank Bill with Senator Mark Wagoner

Senator Teresa Fedor (D-Toledo) and Senator Mark Wagoner (R-Ottawa Hills) testified on Senate Bill 188 this week – a bi-partisan bill that will create County Land Reutilization Corporations or “land banks”. SB 188 would grant counties the opportunity to address the foreclosure blight plaguing their cities and convert such properties to a productive use.

“Passing land banking legislation is a responsible and productive tool to address the aftermath of this foreclosure epidemic,” said Senator Fedor. “If the legislature does not address this problem now, Ohio will continue on this downward spiral to crisis.”

Ohio has record numbers of foreclosures, excessive vacant land and blighted properties, increased tax delinquencies, double-digit unemployment, and a steady decline in population. Currently, Ohio ranks 12th in the country for foreclosures with one foreclosure for every 435 houses, according to November 12th report issued by RealtyTrac of Irvine, Calif.