Where exactly does the mayor expect to FIND that $1 million?

This is helping ABSOLUTELY NO ONE who is heading for foreclosure or already there. Not only does the seller fix up a house and not have it after, they have a loan to repay. And what if the property is not "dilapidated" but the seller is just behind. Most homes that are foreclosing are in decent or good condition, their problems are UNCOOPERATIVE LENDERS and, in RI, TOO HIGH TAXES!

People are just getting dumb and dumber...

So, let me see if I get this right...

The city is going to steal $1 million in taxes from homeowners, increasing or maintaining their tax expenses to put money into this "housing trust fund."

This, of course, will just increase the financial burden on homeowners who could sure use that money now to pay their mortgages this month. They won't have money to pay their mortgage, let alone make repairs to keep a property from becoming "dilapidated."

But, once they fall behind by several months and are evicted, the "housing trust fund" monies will be released to bargain shoppers to purchase distressed foreclosure properties.

Cui bono? Who benefits from this? Obviously not homeowners in danger of losing their homes.

Who benefits? Follow the money.
The people who HAVE money to invest in foreclosed property are the ones who benefit, and politicians first and foremost seek to please those who can afford to fill their campaign coffers.
The second group that benefits are the construction companies that will see more work as a result of new owners making 'repairs and improvements to dilapidated properties', and you can bet that they will leave a little something in the campaign coffers, too.
OTOH, people who are losing their homes to foreclosure don't have money to contribute to any politician that might act in their interests. Sad, but true.