Advice for the Lenders

Reading news of Providence Mayor Cicilline’s intention to borrow money from the federal government to deal with foreclosed neighborhoods brings to mind, once again, the fact that debt is excluded from municipalities’ spending increase maximums.

Standing on a sidewalk lined with boarded-up houses in the city’s West End, Mayor David N. Cicilline yesterday announced plans to seek $10 million in federal loans to purchase, rehabilitate and, if necessary, demolish foreclosed properties that are blighting city neighborhoods.
The federal funds would be administered through the city’s redevelopment agency as part of the Housing Trust to provide no-interest and low-interest loans to purchase or fix up properties that otherwise might not qualify for financing. The funds also could be used to board up vacant houses, demolish those which are deemed beyond saving and improve the city’s tracking system for foreclosed and vacant properties.

My advice to the federal lender is to administer the loans personally. Rhode Island ain’t so good at such things.

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Greg
Greg
13 years ago

I wonder who’s brother-in-law will get the lucrative contract to ‘purchase, rehabilitate and, if necessary, demolish’ those properties.

George
George
13 years ago

Instead of sinking the City further into debt rebuilding a slum that is pre-destined to re-blight. The citizens of Provicence need to elect a mayor and council who will have the guts to execute a Giuliani-style clean-up, on crime, on gangs, on corruption, on wreckless spending… the root causes! Do such courageous people exist in Providence?
Heading into the weekend I’d like to share this bit of good news with my fellow conservatives….
http://patriotpost.us/alexander/edition.asp?id=586

George
George
13 years ago

FYI. Huge corruption story in Cranston. Broke last night on wpri. Check it out on wpri.com. Mayor Napolitano made a secret deal to pay an off-duty cop, who lives in New York, who he calls a friend, $126K last year and $25k already this year.

Mike
Mike
13 years ago

Fat Sissy can run for governor on the motto”I raised taxes, increased the pension liability and brought borded up houses back to the city for the first time in 20 years”.
As for Napolitano he is done-just doesn’t know it yet. He’ll be a consultant for the JCLS come January at $100,000 plus benefits.

George
George
13 years ago

Mike, how do you figure the transition to JCLS?

Mike
Mike
13 years ago

JCLS?
See Sandra “I sleep with a Senator” Whitehouse.

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