Home Foreclosure Listings in Virginia has purchased, rehabilitated and sold by non-profit organizations and state and local agencies with a total of $ 3920000000 to funding from the federal government under the Environmental Program stabilization.
The fund was approved by the federal government last year, but the facility to access and use the money it is only available in the coming months.
The state of Virginia has allocated a total of $ 38.7 million, of which the Virginia Department of Housing and Community Development is expected to be shared with non-profit organizations and local governments to manage the acquisition, rehabilitation, resale or property rental property foreclosure.
Prince William and Fairfax district applied separately for NSP grants and receive $ 4.1 million and $ 2.8 million, respectively. The grants approved by the environmental conditions battered by foreclosures.
In April, Gov.. Tim Kaine announced the approval of $ 7,000,000 in NSP grants announced $ 9.4 million and 4 months later. Chesapeake City allocated $ 1,500,000 while the Virginia Beach Community Development Corporation awarded $ 1.2 million.
Alisa Winston, housing coordinator for Chesapeake, said the city has not received the money, but the team plans to buy about 12 homes in foreclosure list Branch and South West Norfolk.
He added that it takes to program limits repairs $ 25,000 per household and $ 40,000 for property with lead contamination so that the money can be withdrawn to purchase more units. Sales of fixed units are available to purchase additional foreclosures to fix.
Mary Kay Horoszewski, head of the CDC Virginia Beach, said his organization will buy and renovate a house foreclosure and then sell them to families with low income and moderate income.
Non-profit organizations and local government agencies are given 18 months to budget money for their program and 4 years to carry them out. Excess funds will be given back to the U.S. Treasury.
Based on data from the Virginia Department of Housing and Community Development, the state's foreclosure rate has increased nearly 2 percent in June 2009, up from 0.24 percent just four years ago.
More than 28,000 homeowners in the state is in default or foreclosure, and more than 16,000 foreclosed units are vacant, according to the agency.
The three cities with the largest number of home foreclosure listings in Virginia Virginia Beach, Chesapeake and Norfolk. Housing analyst cite most subprime loans taken by homeowners in three cities during the boom.
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