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Federal Funding Used to Put Foreclosed Homes Back in Circulation in Virginia Program helps first-time home buyers purchase foreclosed homes

Updated 7:07 PM EDT, Mon, Nov 17, 2008

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ASSOCIATED PRESS

FAIRFAX, Va. -- Northern Virginia counties hard hit by foreclosures are getting millions of dollars in federal funding.

Virginia Uses Federal Funds to Put Foreclosed Homes Back in Circulation

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Northern Virginia counties hard hit by foreclosures are getting millions of dollars in federal funding.

The Fairfax County Board of Supervisors approved the Silver Lining Plus program, which will help first-time home buyers purchase foreclosed homes.

The program will use $2.8 million in federal funds to help put 140 foreclosed homes back into circulation.

The program also will allow non-profit groups to buy foreclosures with low interest rates. They will then rent the units to low-income residents.

Prince William County is developing a similar program with $4.1 million.

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First Published: Nov 17, 2008 6:12 PM EDT

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Jonathan Tuesday, Nov 18 at 12:36 PM FLAG COMMENT Take tax money from hard working citizens and use it to house dead beats that dont want too work. I live in a condo complex where 30 of our units are for low income. Most of these folks try really hard to make it, but some are just using the system. Before making more housing availible for people that dont want to work, clean up the system you already have and make these people work like the resy of us nad get rid of the edad ... MORE >
smh Tuesday, Nov 18 at 11:29 AM FLAG COMMENT so bassically section 8 housing via foreclosures... have you looked at the income requirements... i dont know anyone out here that makes less than 50k and survives.... maybe i should stop paying taxes... then all this nonsense will stop.
Anonymous Tuesday, Nov 18 at 10:56 AM FLAG COMMENT Where does it end. I have had a conservative approach to spending money. Why? I can let the government take care of me. But the government doesn't EARN money. The government TAKES money through taxes and "spreads the wealth" of hard working people around. Is this fair? Will we provide down payments to people who can't afford them? Isn't this where the cycle began?
Mary Tuesday, Nov 18 at 9:18 AM FLAG COMMENT Are these homes already foreclosed. Is the help going to be for new buyers and not allowing the present foreclosed owner to try to keep the house? Will new loans be secure loans or will this be a bandaid?