Va. to receive $9.4 million to buy, refurbish foreclosed homes
BOB BROWN/RICHMOND TIMES-DISPATCH
Virginia Gov. Timothy M. Kaine announces more than $9.4 million in Neighborhood Stabilization Program grant awards at a press conference.
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.
Reader Reactions
I think it’s a great idea. Micro-loan situations have proved to be very successful in generating the economic engine of localities. Google will provide a wealth of case studies to this ends.
The key is simply liquidity and credit. In recessed conditions, it’s more efficient to keep as many aspects of wealth in play, creating options and opportunity, than it would be to encourage profit efficiency, letting those items of wealth depreciate and fail, freezing the mobility of that capital for several years.
Whether the democracy shows a driving interest in the economy or the private sector has the incentive, the genuine practicality is in the realized results: Micro loans work. Stimulating assets in a genuine recession works.
Herbert Hoover, not so much.
mrright- it is not a conspriacy theory…it’s called CAPITALISM. The economic system where the wealthy corporations can manipulate Washington, and treat workers like crap, then get bailed out because they are too big to fail. Our country was great until deregulation, then Wall Street and the Financial sector took over, sent all our decent jobs in manufacturing overseas, then sent our new tech jobs overseas, then our customer service jobs overseas, then created a credit based consumer economy—-and it blew up in our face. Now the taxpayer has to bail out these corporations. It is like Diabetes. Don’t treat it and another limb gets cut off.
dubiousthoughts-its seems you have little understanding of solving a recession if you think massive uncontrolled spending and unsustainable debt will do the job.Can you provide me with some positive results .
I blame Bush and Obama and Clinton before them,NOT private industry that I guesss you think needs to be managed by the clowns that got us into this.
Who was managing Fannie and Freddie.MOST professional economists blame their policies for the housing bubble that precipitated this recession.But what do they know.
If you have a fresh conpiracy theory lets hear it.I thought I’d heard them all.Maybe your complex line of reasoning hasn’t trickled down to us common men yet.
mrright-
Oh, so Obama is supposed to let this country bleed from the guts some more, and private business is supposed to come to the rescue? The auto and banking industries had to be bailed out, and supervised, because they cannot handle their own business- and if they go under, so goes the American economy. It seems like you have little understanding of this current recession. It is bigger than blaming Obama or even Bush for that matter. I know the common man wants to blame the politician, but do some reading and learn what the hidden hand is behind this.
Kane looks desperate. 84 homes remodeled at tax payer expense when Virginia has thousands going into foreclosure.
The eyebrow is not so cocked today…
You’ve gotta give Obama credit.Not only has he put the federal goverment in the business of running the country into the ground, they’ve branched out !
Why, since Obama has taken office the federal government has gottn into the car industry,banking,insurance,healthcare, and now the home improvement business.
All guaranteed to operate on the model of the U.S. Post Office.
Wow, maybe we can get some ACORN workers to do the work for astronomical costs and then we can sell the houses at a loss to, well, ..some other ACORN workers and then stick the American taxpayer with the bill.
Tim Kaine and Barack Obama sure are smart !!!
Isn’t this what General Contractors do? Another gov program to push us more towards socialism. I have a better idea, give tax refunds to all Americans that purchased homes they could afford and continue to make their payments. Kaine is such an idiot and needs to leave this state as soon as possible. Hasn’t he done enough damage? I hope no houses where I live becomes part of this program. I need my homes value to increase, not fall like a rock.
There goes the neighborhood, is right on
Will there be enough State Workers around next week to administer the program.
Sadly, “there goes the neighborhood” might ring true. If anyone has any experience with Section 8 residents moving in near you, you know what I mean. Cars parked in the grass, never cutting the grass, kids everywhere, and having using the front porch as the point of activity is imminent.
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