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Pr. William Board Wants To Help Provide Loans
Chairman Corey A. Stewart (R-At Large) applauded the creativity of county staff. "With the fiscal crisis we're in, if this required a dime of taxpayer financing, the program would be dead," Stewart said.
In related business, the board delayed a vote to spend money from HUD's Neighborhood Stabilization Fund in Woodbridge, Dale City and Sudley.
About $2.6 million would be used to provide money for down payments, closing costs or repairs to people who purchase foreclosed homes in Prince William and the cities of Manassas and Manassas Park. An additional $1 million would fund projects for faith-based groups and nonprofit entities, such as Catholics for Housing, to buy property.
The money would help 50 households purchase foreclosed homes over the next 18 months. Prince William would need to submit a plan to HUD by Dec. 1.
"None of us believes this is going to fully address and solve the foreclosure issues we are facing," County Executive Craig S. Gerhart said. "But it will provide substantial help."
In Prince George's County, the council voted unanimously yesterday to use the county's $10.8 million in HUD money to buy and fix up foreclosed homes and counsel residents facing foreclosure. Down-payment assistance also will be provided. Its program is expected to help 675 families.
Staff writer Ovetta Wiggins contributed to this report.