Fairfax County Board of Supervisors Chairman Gerry Connolly plans to announce tonight a proposal to buy some of the thousands of foreclosed homes in the county and resell them at lower prices as “work force” housing.
In his annual State of the County address, the Democratic chairman and 11th District congressional candidate will announce he wants to explore the use of some of the $23 million affordable housing fund to reverse the damage foreclosures have dealt to neighborhoods, and at the same time allow more families to afford to live in the county.
The county’s “1-penny fund” established three years ago has been devoted to buying apartment units or partnering with nonprofits to hold down rents, but has never been used to buy houses.
Such a plan wasn’t possible in the past because the housing market was too expensive, according to a copy of Connolly’s speech.
But since Fairfax was struck by a rash of foreclosures amid a nationwide crash in the subprime mortgage market, the chairman is banking on the county being able to scoop up the empty houses at a far lower cost.
Fairfax County saw 4,527 foreclosures in 2007 compared with 347 a year before, and is on track to see more this year, according to forecasts.
“Clearly, taking a home out of foreclosure would help restore stability to a neighborhood and restore confidence in the local real estate market.
It also would allow the county to open these homes to working families for purchase at an affordable rate,” Connolly is slated to say in his speech.
“Work force housing is in great demand but short in supply.”
Details of his proposal were not available Thursday.
The announcement comes on the heels of an opposing proposal by newly elected Springfield District Supervisor Pat Herrity to reroute the “1-penny fund” due to flaws in the county’s affordable housing programs.
Herrity and Sully District Supervisor Michael Frey, the board’s two Republicans, earlier this week said the affordable housing program has failed to cut waiting lists and accommodates families of overly high income, among other criticisms.
Herrity could not be reached for comment Thursday.
In his speech, Connolly also will suggest additional staffing for “strike teams” targeting blight and overcrowding in residential areas, which proponents have long bemoaned as underfunded.
