Millions in funding for a housing pilot program that would go toward restoring communities affected by the 2008 foreclosure crisis in Prince William County will be promised by two major financial institutions and a Virginia housing agency Monday, according to Virginians Organized for Interfaith Community Engagement.
Prince William suffered more than 20,000 foreclosures during the housing market collapse and was the hardest hit locality in Virginia, according to the coalition of interfaith groups, which has organized around housing issues in the county.
The $30 million pilot program would buy and rehabilitate about 100 vacant, blighted townhouses and provide for 1,500 affordable rentals in some of the Prince William communities most affected by the collapse — around Dale City, Georgetown South in Manassas and Williamstown in Dumfries.
Bank of America has decided to commit $10 million in low-interest loans, while General Electric would invest $5 million and the Virginia Housing Development Authority would invest $15 million in similar funding under a plan outlined by the interfaith organization, the group’s leaders say. The long-term loans would be repaid through housing sales and rentals, and the program would be managed by area housing nonprofits.