Virginia gets $17.5 million to rehabilitate foreclosed homes
- June 8, 2009
Virginia has received $17.5 million to help localities purchase and rehabilitate foreclosed homes to be resold to low- and -moderate income families.
The Neighborhood Stabilization funding includes $15 million for 29 neighborhoods, affecting 136 homes. The remaining $2.5 million will be used to combat foreclosures in Frederick, Shenandoah and Warren counties.
The money will be distributed to the following groups and localities:
Fairfax County, $1 million
Habitat for Humanity of Virginia, $1.5 million
Hampton, $2 million
Newport News, $700,000
Norfolk, $1.8 million
PEOPLE Inc., City of Bristol, $859,330
PEOPLE Inc., Russell County, $1.2 million
Portsmouth, $2 million
City of Richmond, $2 million
The Northern Shenandoah Valley Regional Commission will administer the remaining $2.5 million to benefit neighborhoods in the Sensey Corridor, Stephens City, Northwest and Central Front Royal and Pendleton.