How is the CCLRC funded?
The CCLRC has a few sources that will fund its mission. At the most basic level, the CCLRC will receive annually the penalties and interest that accrue on delinquent property taxes. To be entitled to receive this base level funding, the Cuyahoga County Treasurer (the Treasurer) must make early advances of these delinquent taxes from his daily balances to the various cities, schools and special taxing districts in Cuyahoga County. To the extent of these early advances to the various taxing entities, the CCLRC will essentially receive an assignment (in generic terms) of the penalty and interest associated with those delinquent payments. The CCLRC is also authorized to receive tax foreclosed properties, most of them having negative equity, along with others having positive equity. Positive equity properties will be stabilized and resold, the proceeds from which will be used to fund the continued mission of the CCLRC, i.e., demolition, stabilization and rehabilitation of substandard proper
