A New Day for Rhode Island
It was such a wonderful sight to see for Andrea Rollins. The $1 million of federal funds had been put into something of great importance. Her Rhode Island neighborhood where there are abandoned buildings and empty houses are finally being renovated. Soon each one will be filled and be called "home".
Due to a number of foreclosures, the Providence community became part of the Neighborhood Stabilization Program, which had been set up to provide assistance in states or municipalities. A $7 billion funding from the program will help states and municipalities to purchase abandoned properties. These properties will then be renovated or demolished. This gives hope to low and moderate –income families to buy or rent homes.
According to Richard Godfrey, the executive director of Rhode Island Housing, changes had been very evident. The program converted the whole neighborhood into something new.
The rehabilitation program did convince families to rent homes. Rollins, who is now renting a home in Olneyville, is now confident with the developments.
Another 11 Rhode Island communities have benefitted from the neighborhood stabilization fund. The Ocean State had allotted an initial $19.6 million to buy and rehabilitate more than a hundred foreclosed properties. This was confirmed by Michael Tondra of the Rhode Island Office of Housing and Community Development.
An allocation of $2.2 million will help about a hundred of aspiring homeowners. This funding will help then purchase a foreclosed house wherein up to 20% of the price will be paid off. Another $6.3 million will be given by the state to assist more families.
Not only did the federal money uplifted the lives of Rhode Island residents. Other cities and states had benefitted from the rehabilitation program.
Decades of dilemma had pushed organizations such as the Olyneyville Housing Corp. to help Olneyville rise up again. Affordable homes were built throughout the neighborhood.
It was a norm during the housing boom where properties were sold at very high prices. A home of $46,500 in 2000 had been resold for $310,000 after six years. This Putnam Street house was then sold for a mere $25,000 upon foreclosure.
Rampant home foreclosures led to abandonment, vandalism and burglary. The federal Neighborhood Stabilization Program gave light to the state's situation. Frank Shea, Olneyville Housing executive director, saw this as a great opportunity to revive a dying community. Homes now can be easily acquired, but rehabilitation would cost hundred thousand dollars.
The stabilization funds also attracted investments from the government and private sources. Construction projects are being planned in Olneyville. Projects, such as this, will provide jobs on areas hit by home foreclosures.
New hope. New home. New job. Indeed, it is a new day!
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,foreclosures
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,neighborhood
,neighborhood stabilization program
,rehabilitation program rehabilitation
,olneyville
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