City of Providence Seeks Proposals to Address Foreclosed & Abandoned Property

Developers sought to acquire and redevelop foreclosed and abandoned property with the help of federal dollars

PROVIDENCE - Mayor David N. Cicilline announced that the City's Department of Planning and Development is seeking proposals from local developers to support Providence's continued efforts to remediate and turn around neighborhoods adversely impacted by foreclosed and abandoned properties.

Under an anticipated one-time, $1 million Neighborhood Stabilization Program III award from the US Department of Housing and Urban Development (HUD), the City will select a qualified developer or developers to create a model of revitalization within a specific neighborhood adversely impacted by foreclosures.

"Providence has been particularly hard-hit by the nation's housing crisis," said Mayor Cicilline. "The national foreclosure crisis has left shuttered homes, devastated families, and destabilized neighborhoods in its wake. With these federal funds, we will be able to target investment to a specific neighborhood that has been seriously impacted by foreclosures while creating a model for other neighborhoods."

The Mayor also applauded the efforts of the Rhode Island congressional delegation for their work in helping to secure funding, and for their continued support in preserving the city and state's homes and neighborhoods.

Request for Proposals are due Tuesday, January 18, 2011. The RFP seeks qualified developers, who will:

-Have a significant and comprehensive impact in a concentrated/ focused area
-Leverage additional/ outside resources
-Further the City's housing strategy and goals
-Advance the City's neighborhood plan(s) and
-Serve as a model of neighborhood revitalization addressing the impact of foreclosure/abandonment.

Eligible uses of these funds include: rehabilitation of vacant, foreclosed property for sale to homebuyers; demolition of blighted structures (provided rehabilitation exceeds the cost of new construction of similar housing), and rehabilitation or new construction for sale to low-income homebuyers.

Proposals will be judged on their merit: specifically, the developers' capacity to (re)develop a neighborhood, readiness to proceed, ability to work with properties that are strategically located, and ability to leverage at least 50% of the project funding with other resources.