Fairfax County is now developing a program called the "Silver Lining" program to help 100 first-time home buyers to purchase foreclosed houses (via below-market prices and low-interest mortgages).
[C]ounty housing officials have proposed spending as much as $6.4 million over two years to help such middle-income professionals as teachers, police officers and firefighters afford the region's housing. With county loans, qualified buyers would be able to purchase the properties directly from participating banks at below-market prices and be eligible for low-interest mortgages.Here's Chairman of the County Board of Supervisors, Gerald E. Connolly (D)'s rationale:
"We're stabilizing the plummeting price of homes and also helping stabilize neighborhoods."
So, let's see here. Home prices are plummeting, so part of his goal is to help prop them up and keep them unaffordable for teachers, police officers, and firefighters. BUT, those folks will get financial incentives to pick from houses the county government chooses for them, after they're fixed up with formica countertops, cheap carpet, and neutral paint (I wonder which county government employee get to pick out the colors?)
Even better, Connolly is hoping the county's program becomes a national model.