foreclosure

Providence
8:55 am
Mon March 23, 2015

A Small Victory In Providence's Latest Fight Against Foreclosures

A front-end loader tears down the foreclosed house on Marshall St. Providence Mayor Jorge Elorza says he wants most houses returned to a livable state, but this one was beyond remediation.
Credit John Bender / RIPR

Eight years since the height of the national foreclosure crisis, Providence faces a plague of vacant houses, blighting neighborhoods.  Now the capital city’s new mayor is ramping up efforts to combat the issue. One home on the city's West Side is a success story; it's part of the ambitious plan to create many more in the state capital.

On a cold, sunny morning in March a massive front end loader tears into a tan, two-story home, on Marshall St. on the West Side of Providence. A group of neighbors and passersby watch from across the street.

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RI News
3:55 pm
Tue March 10, 2015

HUD Audit: RI Should Repay $1.4 Million In Foreclosure Program Funds

Areas targeted for assistance through the Neighborhood Stabilization Program
Credit RI Department of Administration / Division of Planning

Rhode Island housing officials are unable to justify how they spent some federal funds meant for low income housing. That’s one of the findings of a U.S Housing and Urban Development agency audit of the program.

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Economy
9:20 am
Sun June 22, 2014

Advocates Applaud Legislation Protecting Tenants After Foreclosures

Thanks to legislation that passed the General Assembly, banks in Rhode Island will not be able to evict renters in properties they’ve foreclosed on. That is, unless there’s just cause or until the property has been bought by a new owner. Rhode Island Coalition for the homeless head Jim Ryczek said the new law will protect people who might otherwise have nowhere to go.

“When the economy tanked in 2007-2008, the shelter system saw more than a 300 percent rise in the number of people coming in and naming eviction as one of the issues that caused them to be homeless.”

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RI News
9:13 am
Wed August 28, 2013

RI Housing Forced To Layoff 30 Employees

The state agency charged with helping people buy affordable homes is facing a financial crisis of its own.  Rhode Island Housing is laying off 30 people; 15 percent of its workforce.

Rhode Island Housing director Richard Godfrey says the reasons are twofold. There’s been a cutback in federal support and many of the 12,000 mortgages they have outstanding are delinquent.

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RI News
7:23 am
Wed May 29, 2013

Report Shows Minorities Disproportionately Affected by Foreclosure Crisis

Rhode Island’s foreclosure crisis has taken a much higher toll on people of color than on whites, according to a report released Wednesday by the group DARE – Direct Action for Rights and Equality.  The report focuses on foreclosures in the capital city, where homeowners have lost tens of millions of dollars in wealth to foreclosed properties.

Between 2006 and 2012 Providence homeowners lost more than 200 million dollars in wealth due to the foreclosure crisis, according to “Wasted Wealth,” a report by the group Direct Action for Rights and Equality.

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