The city of Cleveland is trying to stop an auction of 14 troubled apartment buildings near Shaker Square, in a historic district that’s a gateway to the eastern suburbs.
Mayor Justin Bibb is urging Fannie Mae – a government-sponsored mortgage giant – not to sell a foreclosure judgment to the highest bidder next month. Instead, the city wants the properties transferred to local nonprofits or to a local developer that neighbors trust.
City officials and community advocates say the neighborhood’s future hangs in the balance. In the right hands, the largely vacant buildings could be an opportunity – a chance to restore modestly priced housing and bring more people back to the Square. But the portfolio also could be a drag on the district, if history repeats itself…