Foreclosure Housing Plan Backed in Virginia

Prince William County supervisors have unanimously backed a plan to help county employees buy foreclosed homes.

Officials say the program would help address both problems from foreclosures and a lack of affordable housing. They say it would cost the county almost nothing.

Under the program, a county employee would select a house to buy and make arrangements with a bank participating in the program. The county would buy a ten-year certificate of deposit that the bank would use to fund the mortgage and provide the buyer a lower interest rate.

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