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Fairfax County Approves Program to Buy Foreclosed Homes

On May 20th I wrote that Fairfax County was considering a program, dubbed “Silver Lining”, to purchase foreclosed properties and convert them into affordable housing for teachers, firefighters, and police officers who otherwise would not be able to qualify financially for homes in the county.  Using county loans, the buyers could purchase the properties directly from the banks at below market pricing.

Yesterday, the county approved the program. According to an article in the Washington Post today, the county will spend up to $10 million to buy up to 10 properties outright, and make as many as 200 others available through a subsidized loan program. This will also help with the issue of vacant, nonmaintained properties dotted throughout neighborhoods in the county too.

Loudoun County is considering a similar program, but has not approved it yet. I’ll be interested to see how this helps mitigate the high number of foreclosures in Fairfax, and if it makes a difference in the neighborhoods that have been hardest hit in terms of property values.

Cheers,

Heather

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Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.



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