In July, Congress approved $4 billion to be distributed to the nation's hardest-hit communities when it comes to foreclosures. Of that $4 billion, $46 million is being sent to Virginia. Of that $46 million, $38.7 million will be channeled through housing officials in Richmond with $4.1 million going to Prince William County and $2.8 million going to Fairfax County.
It seems that Loudoun County has not yet applied for any of that money so the amount being sent Loudoun's way has not been set. But people are estimating that Loudoun County should be receiving an amount somewhere in between that of Prince William and Fairfax.
The extra money is great in theory. But if you consider the average price of a foreclosure property in Loudoun County and the number of foreclosures in the county, three or four million dollars won't get Loudoun very far. It'll barely make a dent.
With Northern VA being hit so hard and contibuting the overwhelming majority of tax revenue for Virginia, I'm wondering why more of that $46 million isn't coming our way.
Housing officials in Northern Virginia and Richmond met this week to talk more about how to allocate $46 million of that emergency federal aid. Hopefully, the amounts will go up for this area and Loudoun will apply for some of that aid in the process.