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Va. County to Borrow $4M to Fight Foreclosures

 
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    MANASSAS, Va.--Prince William County officials are preparing to use $4 million from the federal government to help ease the county's foreclosure crisis.

    County Executive Craig Gerhart says more than $2 million from the Department of Housing and Urban Development will be used to buy up foreclosed properties.

    Another $1 million will be used to fund projects for residents with household incomes at or below 50 percent of the area's median income, which is $99,000.

    Gerhart says nonprofit organizations or faith-based groups will compete for the funds, then purchase and redevelop properties to prepare them for low-income residents.

    Prince William has been one of the areas hardest hit by the housing crisis.

     

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