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Fairfax County Considering Buying Foreclosed Homes for Affordable Housing

I was reading an article in the Washington Post this morning; apparently Fairfax County’s Board of Supervisors is considering a “Silver Lining” program, in which the county would spend up to $6.4 million to help convert foreclosed homes 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.

Looks like not all the supervisors are in support, though, with one commenting that the government should not be involved with purchasing private property during a time of economic instability.

They have also proposed buying abandoned or blighted foreclosed homes to fix up and resell to nonprofits or first time buyers, or to use as rental properties. They expect to discuss the proposals at the end of the month.

It would certainly be interesting to watch how this program, if enacted, could put county employees living close to their work, while fixing up properties that may have otherwise gone neglected and impacted their surrounding neighborhoods. Might be something that Loudoun County, which has been much harder hit by foreclosures, should take a look at.

Cheers,

Heather

Update: Looks like Loudoun County may be considering a similar program at the June 3rd Board of Supervisors meeting. Read more here.

Another Update: Fairfax County just approved the program…

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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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