NEW: Elorza Unveils Plan to Clean Up, Sell Providence's Vacant Properties in First Term
GoLocalProv Politics Team
NEW: Elorza Unveils Plan to Clean Up, Sell Providence's Vacant Properties in First Term
“We can clean up and sell the majority of vacant and abandoned homes in Providence within the first term of my administration – at no taxpayer expense,” said Elorza.
Cost of Redevelopment
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTElorza proposes funding this redevelopment initiative through the creation of a $5 million revolving loan pool, and working with local Community Development Corporations among other key stakeholders to ensure that state and federal resources for affordable housing are leveraged to their full potential.
"We will go to market with a municipal bond offering to create a $5 million revolving loan pool so that redevelopment projects can move forward quickly. The benefit of this model of borrowing is that there is no annual debt service. The bonds will be repaid from the earnings generated from the sale of redeveloped homes," said Elorza.
Elorza estimates that cleaning up and rehabilitating Providence's abandoned properties will require six months per property and cost an average of $100,000.00 per property, and he expects his administration to process about 100 homes annually.
"With an average redevelopment cost of $100,000, the City can have around 50 projects under construction at any given time with a $5 million loan pool. Based on the duration of recent projects using the receivership process, it is estimated that homes can be redeveloped and sold within six months," said Elorza.
To incentive and expedite developers and owners to work with the city on this initiative, Elorza proposes offering tax abatements, allowing developers to add a five percent fee to the purchase price of homes, and charging a 10% abandoned property penalty on all properties vacant for one year or more.
Housing First Strategy
Elorza did not answer directly when asked if he plans to create a new position in City Hall to oversee this initiative, while indicting that he would employ the Housing Board and also the Superior Court to select receivers
"Using existing state law in a novel way, the city will employ the Housing Board and also the Superior Court to select receivers and clear titles to put these properties back to productive use," said Elorza.
According to Elorza, the Improving Neighborhoods and Boosting Homeownership Plan is central to his "Housing First Strategy" of creating safe, healthy and affordable housing.
"Ultimately, we aim to do nothing less than eliminate the blight caused by foreclosed and abandoned properties in our city – without cost to Providence’s taxpayers," said Elorza.
Questions Jorge Elorza Must Answer to be Providence's Next Mayor
Experience Necessary?
Elorza's the quintessential Providence kid-made-good -- and clearly has the education success story of CCRI to Harvard Law going for him. He's toiled in the legal trenches, and risen through academic ranks.
But does that translate to a business acumen and know-how to turn the city around? Brett Smiley counts starting a successful consulting company. Although a double-edged sword, Michael Solomon's got the city council experience.
Elorza's managed cases, and students. Can he oversee a staff of hundreds -- go toe to toe with the unions?
Money for Plans?
Opponent Brett Smiley might have dubbed himself the man with the plan, but Elorza's right up there with a litany of proposals for the capital city. Schools, jobs, public safety, neighborhoods, transportation, diversity, arts and culture, ethics -- Elorza's got plans for it all.
And like Smiley's grand amibtions, the burning question is how will these be funded? Elorza has a plan to double the city's exports in the next five years, with mentoring opportunities and trade missions as part of the strategy. Those cost money. Where will it come from?
Fundraising prowess?
At the end of the first quarter of 2014, Elorza posted a small lead over Smiley in the cash balance department, with $217,082 in his campaign coffers as compared to Smiley's $191,000 and change. Both, however, were a distant second and third to Solomon's war chest over over $600,000
As the Democratic candidates duke it out, second quarter filings due at the end of the month will show were the money race stands with less than eight weeks to the primary.
Of course, whoever wins will have to face a Buddy Cianci waiting in the wings, who told GoLocal he raised over $200,000K in one week -- and expects to have $1 million by the time the primary arrives.
Primary Factor?
For the Democrats in the race, the primary is, in fact, the primary concern of the campaigns at the moment, with Harrop and Cianci waiting in the wings for the winner.
Will Elorza's campaign, based strongly on his Cranston-street upbringing and focus on ethics, differentiate him from political operatives Smiley and Solomon?
The first test on the path to the Mayor's office will be to best his two top adversaries in September. Will Elorza's deep city ties and campaign aparatus translate into a get-out-the-vote effort enough to take the Democratic title?
Final Hurdle?
All of the Providence Mayoral candidates, whether they like it or not, have to address to Buddy card.
So far, Brett Smiley's been the most vocal -- publicly, at least -- in criticizing former Mayor Vincent "Buddy" Cianci, attacking him on his corruption charges and conviction. Harrop and Elorza have been highly critical, but as aforementioned, the Democrats are focused primarily on the task at hand -- making it past the primary.
If Elorza does advance, can he count on the support of his former Democratic opponents and their backers -- or will there be a mass exodus of those who see Cianci as the more viable candidate? Republican Dr. Daniel Harrop provides an X factor in the genera election, of course, but a three-way race is vastly different animal than a four-way one before Adrain dropped out. The winner will need to secure a greater chunk of the electorate.
