Federal Funding Used to Put Foreclosed Homes Back in Circulation in Virginia

Program helps first-time home buyers purchase foreclosed homes

Monday, Nov 17, 2008  |  Updated 7:07 PM EDT
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Virginia Uses Federal Funds to Put Foreclosed Homes Back in Circulation

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Virginia Uses Federal Funds to Put Foreclosed Homes Back in Circulation

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