VOICE Pulls In $30 Million to Rebuild Foreclosed Communities in PWC

Virginians Organized for Interfaith Community Engagement brought in $30 million in committed funds to rebuild foreclosed communities in Prince William County.

More than 500 religious leaders were present June 3 at Woodbridge Middle School as VOICE unveiled the committed funds from Bank of America, General Electric and the Virginia Housing & Development Authority. BOA committed $10 million, General Electric committed $5 million, and the VHDA committed $15 million.

JP Morgan Chase is expected to announce a decision on funding on June 20. 

The funds would be used to buy and rehabilitate over a hundred vacant townhouses hit by foreclosures, and to preserve or build 1,500 rental housing units for families who lost their homes because of foreclosures.

"VOICE's organizing – which secured this unprecedented commitment – provides a national model for how ordinary citizens can hold banks accountable and create real change," a VOICE statement read. "It provides a practical example for compelling financial institutions to reinvest a portion of the equity they stripped from low or moderate income communities and to restore blighted neighborhoods devastated by foreclosures."

VOICE has been organizing the investments for 18 months after the housing crisis caused more than 20,000 foreclosures in the greater Prince William area. 

"Prince William County, Manassas, and Manassas Park had the highest number of foreclosures in Virginia: more than 20,000 since the start of the housing crisis," Frank McMillan with VOICE said. "Currently, more than 30 percent of Prince William area families are still underwater on their mortgages."

To read a release from Sen. Mark Warner, who was at the event, click here.

For more on VOICE, see our previous coverage: 

VOICE Rallies to Save Local Homeowners From Foreclosure

VOICE Gets Commitment From Banks in Foreclosure Fight