Foreclosure Diversion Program Proposed In Providence; Similar To Philly Plan

In Providence, Rhode Island, WPRI-TV Channel 12 reports:

• In an effort to protect families from foreclosure, Providence Mayor David Cicilline unveiled two ordinances Monday morning during a news conference in the city's Olneyville neighborhood.

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• The first proposal, Tenants Protection Against Foreclosures Ordinance, is meant to protect renters from eviction when their apartments are subject to foreclosure proceedings.

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• The second proposal, Foreclosure Mediation Ordinance, would require financial institutions and property owners to engage in mediation with a HUD-approved counselor before moving ahead with a foreclosure. Cicilline said a similar mediation program in Philadelphia has prevented or delayed foreclosures in nearly 80 percent of the 552 cases that went into mediation. [...] Both ordinances have been sent to City Council for approval.

For more, see Foreclosure plan aims to shield renters (Providence's mayor unveils 2 new ordinances).