PROVIDENCE, R.I.—Providence Mayor David Cicilline wants the city to impose a penalty for abandoned properties as foreclosures around the nation have reached record highs.
Cicilline said Thursday an ordinance he'll submit for approval to the City Council would impose a penalty of $10 for each $100 of assessed value of the abandoned property. The idea is to discourage banks from holding onto vacant properties.
He says the city also will provide $1 million in no-interest loans to help families with the cost of repairing foreclosed properties.
In addition, the mayor says he's asked his law department to review possible lawsuits against predatory lenders or banks that hold onto foreclosed properties for a long time.
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