Ferland Corporation, a northern Rhode Island housing development and management company, has since December been making an effort to bring Rhode Islanders displaced by foreclosure to their properties. Vice President of Development Sean T. O’Leary took a few minutes recently to talk with Providence Business News about the program.
PBN: Let’s start with your new program – what is it and what are the goals?
O’LEARY: Ferland’s Foreclosure Displacement Assistance Program offers individuals or families displaced from their homes due to mortgage foreclosure [assistance]. It includes immediate occupancy of an apartment, subject to availability, application and program policy and procedures; a waiver of the first month’s rent; discounted security deposit; and waiver of the application fee.
The goal of the program is to provide immediate financial assistance to past, current and future victims of mortgage foreclosures. Given Ferland’s housing expertise, we view this program as the best way we can pitch in to help reverse the downturn of the local economy.
PBN: How many renters have so far moved into an apartment under the program?
O’LEARY: Thus far, we have placed eight people in Ferland-owned apartments through the program.
Because of the success of the program over the past several months, Ferland Corp. has decided to extend the program until June 30.
PBN: Could you give me some background on Ferland?
O’LEARY: Ferland Corp. was incorporated in 1945. We currently own or manage about 3,000 apartments in the Rhode Island area. We have about 30 property sites, with a particular concentration in Cranston, East Providence, Pawtucket, Providence, Warwick and Woonsocket.
PBN: Why would a company like Ferland want to start a “foreclosure-crisis” program like this?
O’LEARY: Current circumstances and conditions relative to the domestic housing market have adversely affected both homeowners and tenants in and around Rhode Island. Specifically, many lenders have commenced actions to foreclose the mortgages on many local properties.
As a result, great numbers of southern New Englanders have been displaced from their respective residences. Upon displacement, many of these individuals and families encounter a complex and confusing dilemma: no immediate shelter and limited financial resources, a discouraging credit history and few prior references.
As a long-time leader in affordable housing in Rhode Island and beyond, Ferland Corp. is uniquely positioned to help these displaced people.
PBN: Has Ferland suffered at all from the recession in Rhode Island?
O’LEARY: Like seemingly all companies and individuals in and around Rhode Island, our business has felt its share of the economic downturn. Having weathered over six decades of economic peaks and valleys, however, we remain strongly committed to providing housing through this difficult period.
