Fauquier Seeks State Foreclosure Grant

Foreclosed homes in Fauquier could prove a boon to low- and
moderate-income people.
By June 1, the county will submit a grant application to the Virginia Department of Housing and Community Development (VDHC) for up to $2 million to buy bank-owned homes and sell them to eligible candidates.

In February, the county learned it would receive a $25,000 state grant to prepare the June 1 application, which will include a detailed plan of action for Neighborhood Stabilization money.
In late July or early August, the state will notify local governments about whether they will receive a portion of Virginia's allocation of federal money to buy, remodel and resell foreclosed homes.
On paper, Fauquier seems a strong candidate for Neighborhood Stabilization money.
As of December, banks had foreclosed on 339 Fauquier homes during 2008, up more than 150 percent compared to the previous year.
Lee District accounts for nearly 44 percent, Center District 20 percent, Cedar Run District 14 percent, Marshall District 12 percent and Scott District 10 percent of last years foreclosures, according to the county.
The 2008 foreclosure figure represents about 1.5 percent of Fauquiers dwellings.
Virginia identified Fauquier as having a high need for neighborhood stabilization money.
As of last October, Fauquier ranked 14th in Virginia among localities with bank-owned properties. For an 18-month span ending last June, the county ranked 19th in the number of foreclosures. And it placed 21st in the state among localities with subprime mortgages issued from 2004 to 2006.
Warrenton, Remington and Bealeton have the highest concentration of foreclosures, according to the county.
The grant criteria limit local governments to spending money to acquire foreclosed homes in three neighborhoods, said county planner Kristen Slawter, who has provided research for and helped prepare applications for the planning and neighborhood stabilization grants.