Real Estate Financing
Our region’s legacy industries left behind vacant buildings and contaminated properties in the core of Cleveland and many inner-ring suburbs. The main challenge facing these older industrial and commercial facilities and land is that growing businesses lack the additional capital and expertise needed to bring these properties back to viable use.
Re-using formerly vacant property removes blight, stabilizes property values, and often creates jobs to help residents obtain career and wage pathways.
The Real Property Development Lending program offers loans to private and nonprofit developers to cover a part of the cost to return vacant property to productive use. The program is available to any developer, whether private or nonprofit, planning to clean up or otherwise improve vacant property so it can be returned to productive use.
To participate in the program, a developer should work with the Cuyahoga County Department of Development staff to provide all needed information about:
- How the vacant property relates to plans to improve its surrounding community
- Funding the developer needs to clean up or otherwise improve the property for re-use
- The number, rate of pay, and quality of new jobs the planned development will create
For additional information and application instructions, please contact:
Michael J. May
Economic Development Administrator
Cuyahoga County Department of Development