Contact: Nikki Brown
Public Information Specialist II
Office of Executive Management
Prince William County, VA
(703)792.6992
nbrown@pwcgov.org
February 9, 2009
The Prince William Board of County Supervisors will hold a lottery to determine the participants for the Home Help Program on Tuesday, Feb. 10 at 11 a.m. in the James J. McCoart Building. The Home Help Program is designed to reduce the county's serious oversupply of homes for sale, including foreclosed properties, while making it possible for Prince William County employees, teachers and park authority employees to purchase a home in the county; thereby allowing county employees to live in the community in which they work and reducing the current supply of homes on the market.
There are 168 slots available for the Home Help Program this year. The county received 323 applications for the program. Since the program is oversubscribed, the lottery is a random drawing to determine program participants. Allotment priority for the program is 50 percent uniformed public safety personnel, 25 percent school employees and 25 percent other county and park authority employees.
The Home Help Program is made possible, in part, by investing a portion of the county’s investment portfolio in collateralized certificates of deposit with SunTrust Bank, the county’s current banking service provider. Certificates of deposit will be purchased at market rates and in accordance with the county's investment policy. As part of the program, SunTrust Bank will provide benefits to the employee borrower that includes credits that can be used for interest rate reductions and/or closing costs.
