HOUSING

HOUSING

As the next Mayor of Providence, I will help begin to turn my city from a city of renters into a city of owners. For many years, I have been an advocate of multi-style Cooperative Housing, in which the tenants do not own the unit in which they dwell, but instead have ownership shares of the non-profit company that owns the building(s). From credit-qualified lower to moderate-income residents and higher, Cooperative Housing in Providence can effectively create thousands of owner-tenants who become their own landlords through their Board of Directors. I have written to Governor McKee and every member of the Rhode Island General Assembly twice by postal mail about creating a Rhode Island Marshall Plan to fund co-op development, with state bridge lending replaced by traditional lending once a co-op is functional. Rhode Island Housing can help credit-qualified owner-tenants obtain a mortgage for their ownership shares to buy in. So far, no response from state officials. Mayor Allen Waters will create an Office of Cooperative Housing within City Hall, not to disrupt the free market, but to educate those who want financial ownership equity, or as I call it, 'skin in the game.'