County Would Buy Foreclosures to Sell As Affordable Units
Gerald E. Connolly, chairman of the Fairfax County Board of Supervisors, proposed last night using county funds to buy foreclosed properties and then sell them at below-market prices to working families.
Doing so would not only create affordable housing in one of the nation’s most expensive communities, but it would also help protect neighborhoods in danger of decline from the exploding number of homes going into foreclosure across Fairfax, Connolly said in his annual State of the County speech at the government center.
“Taking a home out of foreclosure would help restore stability to a neighborhood and restore confidence in the local real estate market,” said Connolly, a candidate for Congress. “Workforce housing is in great demand but short in supply.”
The real estate crash offers an historic opportunity for localities willing to take advantage of it.
