$500,000 grant aimed at vacant, foreclosed homes in Cleveland $500,000 to be used to renovate, demolish Thursday, June 19, 2008 Michael O'Malley Plain Dealer Reporter A $500,000 grant by a group of philanthropic foundations will help Cleveland renovate 50 vacant, foreclosed homes and demolish 100 more. The money is part of $10 million in grants and low-interest loans from the Ford Foundation, the Kresge Foundation, the Annie E. Casey Foundation and Deutsche Bank. The money goes to eight cities between Cleveland and New York. The Cleveland grant, received by Neighborhood Progress Inc., a nonprofit organization, is the latest piece toward a $7.7 million renovation and demolition project in six Cleveland neighborhoods: Tremont, Detroit-Shoreway, Fairfax, Glenville, Buckeye and Slavic Village. NPI President Eric Hoddersen said he is expecting NPI to also get a $1 million low-interest loan from the four foundations. The rest of the money is coming from the state, the city, Fannie Mae and local banks. Hoddersen said the four foundations, known as the Living Cities Consortium, see Cleveland as a good investment. "They recognize Cleveland has been hit hard by the subprime lending crisis," he said. "They also recognize that Cleveland has made major investments in its neighborhoods and has a strong community development system that can deliver." NPI and the nonprofit Cleveland Housing Network will coordinate the redevelopment of the 50 homes, working with nonprofit groups in each of the six neighborhoods. The city will demolish the 100 homes. The city has an estimated 10,000 vacant or abandoned properties.