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Ohio Foreclosure Reform Brings Standardization and Modernization to County Foreclosure Processes and Paves the Way for the Expedited Foreclosure of Vacant and Abandoned Residential Properties

On September 28, 2016, Ohio foreclosure reform takes effect following the enactment of House Bill 390 (HB 390).  The changes created by HB 390 will impact the foreclosure of both residential and commercial properties.  While Ohio foreclosure reform will undoubtedly cause county courts across the state to make revisions to their local foreclosure procedures and rules, the new law provides long overdue uniformity for foreclosing judgment creditors. Furthermore, the modernization of Ohio’s sheriff foreclosure sales, including the implementation of online sales, finally ushers the Ohio foreclosure process into the 21st century.  Additionally, the new law expedites the foreclosure of vacant and abandoned residential properties—a positive step in favor of community revitalization efforts to fight against community blight and prevent the existence of “zombie homes.”

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Some Communities Still Missing Out On The NMTC Financing Opportunity

While KMK continues to grow its expertise in leading New Markets Tax Credits financing deals for many types of significant projects and as we expand our work in EB-5 financing deals, P3s and PRIs, we are surprised by the number of communities in some parts of the country still unfamiliar with the tremendous financing horsepower of NMTCs.  Here is a quick highlight of this extremely valuable financing tool.

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IRS Circular 230 Disclosure: Unless we have specifically stated to the contrary in writing, any discussion of federal tax issues or submissions in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the United States federal tax laws or (2) promoting, marketing, or recommending to anyone any transaction or matter addressed herein.