William Gauger & Associates Blog

Prince William County is to get more than $4 million in federal funding
to stimulate development and buy homes in foreclosure.

The county will get more than $2.8 million in U.S. Housing and Urban
Development funds to fuel development and produce affordable housing.

The county will also get $1.5 million to purchase and rehabilitate
foreclosed homes, Gov. Timothy M. Kaine (D) said Monday.

The $1.5 million in Neighborhood Stabilization Program grants is being
authorized under the Housing and Economic Recovery Act of 2008 and
administered by the Virginia Department of Housing and Community
Development. Prince William was one of nine localities to benefit from
$9.4 million awarded to Virginia on Monday.

The funds will be used to buy about 85 foreclosed homes at discounted
prices in 24 neighborhoods across Virginia, a news release from the
governor's office says. The homes will be rehabilitated and available
for sale to low- and middle-income families.

*Source: The Washington Post: More on the Topic
*

Prince William County is to get more than $4 million in federal funding
to stimulate development and buy homes in foreclosure.

The county will get more than $2.8 million in U.S. Housing and Urban
Development funds to fuel development and produce affordable housing.

The county will also get $1.5 million to purchase and rehabilitate
foreclosed homes, Gov. Timothy M. Kaine (D) said Monday.

The $1.5 million in Neighborhood Stabilization Program grants is being
authorized under the Housing and Economic Recovery Act of 2008 and
administered by the Virginia Department of Housing and Community
Development. Prince William was one of nine localities to benefit from
$9.4 million awarded to Virginia on Monday.

The funds will be used to buy about 85 foreclosed homes at discounted
prices in 24 neighborhoods across Virginia, a news release from the
governor's office says. The homes will be rehabilitated and available
for sale to low- and middle-income families.

*Source: The Washington Post: More on the Topic

HUD has established new rules limiting the percentage of units in a building that can get FHA loans. Developers cry foul, calling it a bias against affordable housing and density.

"[Developer] Diana Chevalier, owner of Project Approval Services, said she was so upset when she learned of HUD's new restrictions that she hopped the first plane to Washington, D.C."

"'I took a $1,000 flight, and I met with Margaret Burns,' Chevalier said of the director of HUD's Office of Single Family Program Development. 'What the FHA is doing is trying to limit their exposure in existing condos and new condos and this is their way of monitoring their exposure.'"

Full Story: HUD Rules May Hurt Builders Source: San Diego Business Journal, August 24, 2009

William Gauger & Associates is recognized for astutely assisting county and local departments and agencies, plan, apply for, and implement the use of Neighborhood Stabilization Progam grants.   Contact us for further information.