Governor Timothy M. Kaine this morning announced that Virginia will receive $9.4 million through the Neighborhood Stabilization Program to buy and refurbish foreclosed homes and sell them to lowand middle-income families.
The following grants are being awarded:
Catholics for Housing, Prince William County $1.5 million
City of Chesapeake $1.5 million
Chesterfield County $ 500,000
Town of Culpeper $1.2 million
Fauquier County $1.5 million
City of Franklin $ 400,000
Lynchburg Neighborhood Development Foundation $1 million
Pathways (Petersburg) $ 600,000
Virginia Beach Community Development Corporation $1.2 million
The money will be used to buy about 85 foreclosed homes in 24 neighborhoods.
After the homes are fixed up and sold, proceeds will be recycled into the program, Kaine said.
In the past three years, Virginia's foreclosure rate has increased from 0.24 percent in 2006 to 1.99 percent in June.
For more details on the program, see tomorrow's Richmond Times-Dispatch.
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