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Fairfax County Tackles Foreclosures, Affordable Housing with One Program
posted 8:37 am Tue May 20, 2008 - FAIRFAX, Va.
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Fairfax County (web|news) is developing a program to allow up to 100 first-time home buyers to purchase foreclosed houses at reduced prices.
The idea is aimed at boosting the county's affordable housing for teachers, police officers and other middle-income professionals.
Officials hope it will also prevent neighborhood decline as a result of foreclosures.
Prince William County (web|news) is considering a similar idea.
In Fairfax County, housing officials are proposing to spend more than $6 million over two years on the program. Qualified buyers would be able to purchase the properties directly from participating banks at below-market prices and be eligible for low-interest mortgages.
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Information from: The Washington Post
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