"While other communities are addressing the housing crisis primarily with counseling and such financial help as utility payment assistance, Fairfax is plunging deeper into the issue by agreeing to spend more than $10 million of local tax dollars toward the purchase of as many as 200 foreclosed homes. The county will purchase 10 homes outright; the rest will be purchased directly by qualifying buyers with the help of government-backed, low-interest loans. Buyers will be eligible for subsidized mortgages as well as low-interest second trusts of up to $70,000. Most of the assistance will be directed to first-time buyers earning up $75,600, or 80 percent of the area median income. Most purchases will be limited to $385,000 and will exclude condominiums".There are 16 reader comments so far at the Washington Post's website, and all of them are negative about this new program.
Monday, June 30, 2008
Fairfax County Goes House Shopping
Posted by Harriet at 9:48 PM
Subscribe to:
Post Comments (Atom)
7 comments:
I recognize the difficulty for communities when foreclosures start popping up everywhere; however (and I am someone who could potentially benefit from this program) I wish Fairfax would just step back a bit and let market forces work for a while, at least until residents themselves start complaining about blight. I've heard this about PWC, but not about Fairfax - I am wrong here?
A market correction might even allow (hold your breath now) those of us who earn slightly below median to have a few options - and not just the ones big brother bought for us in awful neighborhoods.
these crappy foreclosures will sell if priced right, i.e. dictated by "the market." all Fairfax has to do is wait for the banks to fail and the FDIC/receiver to begin liquidation of the banks' assets. of course in a last ditch effort at solvency the banks hold debtors hostage to squeeze public financing from the politicians.
so what's the FDIC limit? still 100k? i would've thought the Fed had raised it to 250k by now.
Sorry guys. My earlier post should have read "big government" not "big brother." I'm trying to do too many things at once...
Gerry Connolly can't get elected to Congress fast enough. As a freshman member of the House he won't be able to do nearly the damage he has done as Chairman.
91 comments now... only 1 for the plan.
Translation: Somones buddies needed a bailout, money changed hands, and here ya go.
Post a Comment