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 EST
ASSOCIATED PRESS
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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.
Posted Monday, Nov 17, 2008 - 6:12 PM EST
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