LANHAM, Md. (WUSA) The fight to stabilize property values in the Prince George's County's foreclosure crisis is leading to good deals for some lucky home buyers.
Since 2009 the county has tapped more than $5 million in federal stimulus funds to purchase, rehab and resell homes to qualifying first-time home buyers. By next year the county will have turned around 36 such house in Lanham and Suitland. The average subsidy per home is about $140,000.
However, the need is great. Currently there are more than 2600 foreclosure homes in the county, the larges number in Maryland.
The program is so popular with buyers that in some cases pre-qualified buyers are drawn from a lottery. One such winner cut the ribbon on his home Tuesday.
To learn more about the program the county has posted this pamphlet on the web at: http://www.princegeorgescountymd.gov/buysuitland/pdf/LJ-EAR-Collaboration-2Fold-4.pdf