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Program to Buy Foreclosed Homes Save Email Print
WASHINGTON (AP)
Posted: 3:00 AM May 21, 2008
Last Updated: 5:34 PM May 20, 2008

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Fairfax County is developing a program to allow up to 100 first-time home buyers to purchase foreclosed houses at reduced prices.

The idea is aimed at boosting the county's affordable housing for teachers, police officers and other middle-income professionals. Officials hope it will also prevent neighborhood decline as a result of foreclosures.

Prince William County is considering a similar idea.

In Fairfax County, housing officials are proposing to spend more than $6 million over two years on the program. Qualified buyers would be able to purchase the properties directly from participating banks at below-market prices and be eligible for low-interest mortgages.

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