For more information:
Nikki Brown
Public Information Specialist II
Office of Executive Management
Prince William County, VA
(703)792.6992 (work)
nbrown@pwcgov.org
12-16-08
The Prince William Board of County Supervisors endorsed the home help program during its meeting on Tuesday, Dec. 16, 2008. 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, school employees, and park authority employees to purchase a home in the county, allowing county employees to live in the community in which they work and reducing the current supply of homes on the market.
“This is another first in the nation proposal developed by Prince William County and an example of good government at its best,” said Chairman of the Board of County Supervisors Corey A. Stewart. “This program will not expend taxpayer dollars. It will reduce the overabundant supply of homes on the market. It will mean more police and fire and rescue personnel living in our neighborhoods deterring crime and increasing their ability to respond to emergencies.”
The home help program is made possible, in part, by investing a portion of the county's investment portfolio in collaterized certificates of deposit with SunTrust Bank. Certificates of deposit will be purchased at market rates and in accordance with the county's investment policy. Program deposits with SunTrust will not exceed $50 million during any year. 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.
The program will operate on an annual cycle (fiscal year). An application window will be available once a year for employees to sign up; this year’s program enrollment will be mid January 2009. The allotment priority for employees, once they have met eligibility requirements and program criteria, is 50 percent uniformed public safety, 25 percent school employees and 25 percent other county employees. If there are more applicants than funds available, a lottery will be held to select the participants.
For more information and details about the home help program, visit http://www.pwcgov.org/finance or e-mail HomeHelp@pwcgov.org.
