Fund struggles to sell blighted properties to private buyers

HAMILTON, Ohio (AP) – A program in a southwest Ohio city is struggling to sell blighted properties for redevelopment and has not attracted much interest in the nearly three years it’s been running.

The Hamilton-Middletown Journal-News reports (http://bit.ly/1KOKO2Z ) the Consortium for Ongoing Reinvestment Efforts Fund launched in December 2012 and has raised approximately $7.5 million so far.

The goal is to restore empty buildings in Hamilton and turn them over to the private sector.

Director Mike Dingeldein says the buildings have proved to be a hard sell. Of the 26 properties the fund has purchased or been given, only one has sold to a city employee.

Dingeldein says many prospective buyers back out once they realize what’s required to make renovations.

CORE’s work is funded by public and private sources, including U.S. Bank.

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Information from: The JournalNews of Hamilton, http://www.journal-news.com/cgi-bin/liveique.acgi$sch=jnfront?jnfront