Fairfax County Board Mulls Over Foreclosure Prevention Steps
Posted on May 26, 2008
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In the following month The Fairfax County Board of Supervisors will mull over several foreclosure prevention steps to address the rising problem. This might include the purchasing of some of the foreclosed units. Foreclosures have been increasing rapidly in Fairfax County. From 200 units in 2005, it shot up to 4,500 in 2007.
There is a proposal of buying about 10 foreclosed houses that are in a sorry condition and causing problems for the neighbourhood. After purchasing the houses will be repaired before being resold to first-time buyers or to non-profit organizations. Also another alternative is to rent them out to tenants as being part of the rental programme of the county.
Among other steps serious thought is being given to arranging for financial counseling for troubled house owners. Also help will be given to about 100 first-time buyers and county employees for purchasing foreclosed properties House improvement loans would also be advanced.
Supervisor Cathy Hudgins (D-Hunter Mill) explained that they were not launching another new programmed but just using available tools to create a new atmosphere. The implementation of the various measures would draw about $8.7 million from existing available sources for funds. This included $6.5 million to be taken from the affordable housing fund of the county. The chairperson of the board, Gerry Connolly (D-At large) was optimistic that if correctly enforced the programme would be able to turn the negative foreclosures into a positive force by creating construction opportunities, protecting localities from socio-economic ills and allowing for houses to be used as homes – as it ought to be. He added “I continue to believe, if we do this in a targeted way, it can be a win-win-win.”
Most of the board members supported the measures for the 30th July vote. Two Republican members had reservations about the steps. Mike Ferry (R-Sully) did not think that the all the foreclosed units were in the affordable price bracket for first time buyers. The majority of the houses ranged from $300,000 to $400,000. Pat Herrity (R-Springfield) commented that the board should think before getting into the business of flipping estates. The latter is the work of the private sector, he said. He believed that the foreclosed houses could soon find the rightful place in the market, if left alone. The staff of the County confirmed that properties were being sold but were unsure whether the buyers were investors or people who would make these units into their homes.
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