The local government of Fairfax County, Virginia isn’t sitting around waiting for the federal government to solve their housing problems.  Instead, the county is buying up to 200 foreclosed homes themselves and becoming the "lender" to resell.

Fairfax is plunging deeper into the issue by agreeing to spend more than $10 million in tax revenue toward the purchase of as many as 200 foreclosed houses. The county will purchase 10 houses outright; the rest will be purchased by qualifying buyers with the help of government-backed, low-interest loans. Buyers will be eligible for subsidized mortgages as well as low-interest second trusts up to $70,000. Most of the assistance will be directed to first-time buyers earning as much as $75,600, or 80 percent of the area’s median income.

The article goes on to explain that most communities simply offer counseling programs for people facing foreclosure.  Critics have said the county should concentrate on helping people to not lose their homes rather than focusing on getting the foreclosures off the market and helping employees, teachers, firefighters, and police officers move in.

I say if Elvis has already left the building and the gate is open, then this is a great idea that other communities should consider.

HT to The Enclave.

Photo from here.