Home / Personal Finance
Tuesday, November 18, 2008
Va. County to Borrow $4M to Fight Foreclosures
FOXBusiness
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.
Fox Business Video
-
-
The Crisis With 20/20 Hindsight
-
Nov 21, 2009
FOXBusiness.com LIVE
-
-
-
Jerry Rice Talks Career
-
Nov 21, 2009
NFL Receiver on career on the gridiron
-
-
-
John O'Hurley as Venture Capitalist
-
Nov 21, 2009
Comedian on life as venture capitalist
-
-
-
Excess Spending in Congress
-
Nov 21, 2009
Saving $100 Million
-
-
-
Cavuto Business Report 11-20-09
-
Nov 21, 2009
Business Report: Cavuto
-
