Northern Va. churches convince banks to commit over $30 million - DC News FOX 5 DC WTTG

Northern Va. churches convince banks to commit over $30 million for foreclosure restorations

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WOODBRIDGE, Va. -

Prince William County and Manassas were the hardest hit communities in Virginia by the 2008 housing collapse. Now a group of religious leaders has announced a $30 million plan to help families who lost their homes to foreclosure.

At a meeting Monday night at Woodbridge Middle School in Woodbridge, VOICE (Virginians Organized For Interfaith Community Engagement) announced a pilot program to rehab 100 vacant and blighted townhomes and to build 1,500 units of affordable rental housing over a 15-year period.

VOICE announced commitments by Bank of America for $10 million, General Electric for $5 million and the Virginia Housing Development Authority for $15 million.

They are promising low interest, long-term loans. The program will also provide rental housing.

The group said it is still negotiating to get JP Morgan Chase on board.


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