Projo Biz Blog

Providence will apply for $10 million in federal loans to purchase, rehabilitate or demolish foreclosed properties which have become a blight on city neighborhoods, Providence Mayor David N. Cicilline announced today.

The city is seeking approval from the Providence City Council to authorize the city's redevelopment agency to apply for the Section 108 loan from the federal Department of Housing and Urban Development, or HUD.

The federal money could be used to help buyers of foreclosed properties with down payments and closing costs, as well as to pay for the cost of boarding up foreclosed properties, Cicilline said.

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