Loudoun Board of Supervisors to Consider Foreclosure Loan Program

A few days ago I wrote that Fairfax County was considering buying foreclosed homes as part of a Silver Lining Program to expand affordable housing for county employees.  My point was that Loudoun County, with a high percentage of foreclosed properties, should look at what Fairfax is doing with an eye on implementing something similar at home here in Loudoun. Well, apparently our Board of Supervisors is on the case, as the front page article of this week’s Leesburg Today reads “Foreclosures Eyed As Opportunity”.

Apparently Chairman Scott York is planning to propose a program to our Board at the June 3rd meeting that would help county employees get low interest loans to purchase foreclosed homes in the easternmost portion of Loudoun County.  It’s early yet for specific details, but according to the article it looks like York wants the program to focus on the Sterling Park area, which has a high number of foreclosures.

This could be a great opportunity for County employees to be able to purchase and live much closer to where they work, as long as they structure the program properly.  I’m interested to see how they will set it up.  The article also mentions the possibility of a forgivable loan program (proposed by the Joint Trust Fund Committee) that would work as part of the current down payment program in use; it would allow public employees to get $5000 toward a down payment that would be forgiven over time.

It’s good that the Board is looking at ways to help mitigate the foreclosure situation in the county in a way that could benefit county employees. Look for more information following the June 3rd Board of Supervisors meeting.

Cheers,

Heather

Update: Fairfax County has approved their Silver Lining 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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