Louisville Program to Address Homeownership Challenges Receives More Funding

PROGRAMS. >> YOU WILL LIKELY SEE LESS SIGNS FOR SALE AND MORE THAT INDICATE SOLD IN FRONT OF LOUISVILLE HOUSES AS AN ESTIMATE OF 100 50 SIDENTS WILL BECOME NEW OWNERS. THIS HAPPENS AFTER THE 2022 BUDGET APPROVED AN ADDITIONAL AMOUNT OF $ 2M FOR DEPOSIT ASSESSMENT AND HOUSE REPAIRS. >> THE STEPS SYSTEM THAT I PAY UP TO 20% OF THE PURCHASE PRICE OF THE HOUSE IN CLOSING COSTS, THUS LIMITING THE HG E OBSTACLE TO ACCESS TO THE PROPERTY FOR THESE RESIDENTS. ALEXIS: BUILDING GENERATIONAL WEALTH STARTS WITH ACCESS. AND WITH ALMOST TRIPLICATED RESOURCES AND FINANCES FOR OWNERSHIP PROGRAMS AT THE HOUSING OFFICE, THE ELIGIBLE APPLICAN IS ONE MORE STEP TO REACH THEIR DREAM HOME, LIKE MELANIE COLEMADIN D. >> MY NEW SON. HE REALLY LOVES OUR HOUSE. HE LOVES OUR NEIGHBORHOOD. ALEXIS: COLEMAN WAS A FIRST HOME BUYER IN TEIM WHEN APPLYING FOR THE OFFICE DEPOSIT ASSISTANCE PROGRAM BUT THIS IS NOT AN ELIGIBILITY REQUIREMENT. REQUIREMENTS INCLUDE, MANGKI LESS THAN MEDIAN FAMILY INCOME OF $ 61,000 PER YEAR, BE PRE-APPROVED FOR A MORTGAGE, ZERO POWER BALANCES AND AT LEAST $ 1,500 IN SAVINGS. A COLEMAN REGION SAYS SHE FIGHTS AS A MOM TO YOUNG CHILDREN. >> IT WAS MUCH MORE DIFFICULT TO PRIORITIZE SAVINGS. ALEXIS: ANOERTH FIGHTS FOR THE PROPERTY THAT THIS PROGRAM IS ADDRESSED, REDLINER. >> I DON’T THINK YOU CAN LOOK TODAY WITHOUT LOOKING BACK ON HISTORY AND DEFINING WHAT WE HAVE WRONG. ALEXIS: HOUSING OFFICE DIRECTOR MARILYN HARRIS SAYS TO CORRECT THESE MISTAKES AND INCREASE THE NUMBER OF BLACK OWNERS IN LOUISVILLE, PROGRAM FUNDS ARE RESERVED FOR THE NINE NEIGHBORHOODS OF WEST LOUISVILLE, AS WELL AS NEIGBY PARKETOWN AND NEIGBOKETOWN, NEIGK AND NEIGBOKETOWN, AND NEIGBY PARKETOWN, NEIGK AND NEIGBY PARKETOWN, AND NEIGBY PARKETOWN, NEIGK, AND NEIGBY PARKETOWN . >> IT IS SETTING UP THE WHOLE COMMUNITY AND WHEN A COMMUNITY IS BETTER INDIVIDUALS DO BETTER, ONE, THE COMMUNITY DOES BETTER. VII: APPLICATIONS FOR THE DEPOSIT ASSISTANCE PROGRAM ARE NOW OPEN. THE AVERAGE AMOUNT OF ASSISTANCE EACH APPLICANT RECEIVES IS APPROXIMATELY $ 21,

Louisville Program to Address Homeownership Challenges Receives More Funding

The Louisville Metro Housing Office’s down payment assistance and home repair programs received an additional $ 2 million as part of the city’s approved fiscal year budget. “This program is scaled up by paying up to 20% of the home purchase price and closing costs, thus removing a huge barrier to home ownership for these residents,” said Mayor Greg Fischer . The program aims to help weak to moderate people access and maintain homeownership and build generational wealth. The budget triples the funding for these programs: $ 3 million allocated to the DPA program and $ 5.8 million. dollars for home repair programs, allowing 150 residents to become new homeowners in Louisville for decades and decades, but for some reason they can’t make the down payment, ”Fischer said. one of those people is Melanie Coleman, a recipient in 2020 of the office’s down payment assistance program. down payment assistance, they put it as a secondary mortgage with zero interest for five years, then that fall to simply ut. You stay put and it’s forgiven, ”she said. Coleman was a first-time home buyer when she applied, but that’s not a condition of eligibility. Eligible applicants must: Earn at least the median family income of $ 61,500 Be pre-approved for a mortgage from a local financial institution; Have no unpaid collections, overdue balances or unpaid bankruptcies, with the exception of medical recoveries up to $ 10,000; Have at least $ 1,500 in savings; And respect the price limits set for houses. For Coleman, his problem with paying the down payment wasn’t that he could save up for it, but another homeownership struggle that this program addresses is impacting the black community, with Louisville’s story of redlining. think you can watch today without going back over the story and find out what we did wrong, ”said Marilyn Harris, director of the Housing Office. Harris says to right this wrong and to increase the number of black homeowners in the city, program funds are allocated to the nine wards of western Louisville, as well as to the wards of Smoketown, Shelby Park and Hallmark. “Raising everyone, not just a family, is essential,” said Harris. “It uplifts the whole community because when individuals do better, a community does better.” Applications for both programs opened on July 1. The Housing Office is still accepting requests for down payment assistance, but requests for home repair programs are now closed after the office received nearly 800 requests. Those interested in the down payment assistance program can apply at https://portal.neygiènelysoftware.com/louisvilleky/participant

The Louisville Metro Housing Office’s down payment assistance and home repair programs received an additional $ 2 million as part of the city’s approved annual budget.

“This program is scaling up by paying up to 20% of the home purchase price and closing costs, removing a huge barrier to home ownership for these residents,” said Mayor Greg Fischer .

The program aims to help people of low to moderate access and maintain homeownership and build generational wealth. The budget triples the funding for these programs: $ 3 million for the DPA program and $ 5.8 million for home repair programs, allowing 150 residents to become new homeowners in Louisville.

“There are a lot of people who have been paying their rent on time for decades and decades, but for some reason they can’t make the down payment,” Fischer said.

One of those people is Melanie Coleman, a 2020 recipient of the office’s down payment assistance program.

“When they give you the down payment help, they put it like a secondary mortgage with zero interest for five years, then it just falls off. You stay put and it’s forgiven,” he said. she declared.

Coleman was a first-time home buyer when she applied, but that’s not an eligibility requirement. Eligible applicants must:

  • Earn at least the median family income of $ 61,500
  • Be pre-approved for a mortgage from a local financial institution;
  • Have no unpaid collections, overdue balances or unpaid bankruptcies, with the exception of medical recoveries up to $ 10,000;
  • Have at least $ 1,500 in savings;
  • And stick to the price limits set for houses.

For Coleman, his problem with paying the down payment wasn’t with being able to save for it, but another homeownership struggle that this program addresses is impacting the black community, with Louisville’s story of redlining.

“I don’t think you can watch today without going back over the story and finding out what we did wrong,” said Marilyn Harris, director of the Housing Office.

Harris says that to right these wrongs and increase the number of black homeowners in the city, program funds are allocated to the nine wards of western Louisville, as well as the neighborhoods of Smoketown, Shelby Park and Hallmark.

“Raising everyone, not just a family, is essential,” said Harris. “It uplifts the whole community because when individuals do better, a community does better.”

Applications for both programs opened on July 1. The Housing Office is still accepting applications for down payment assistance, but applications for home repair programs are now closed after the office received nearly 800 applications.

Those interested in the down payment assistance program can apply to https://portal.neygiènelysoftware.com/louisvilleky/participant


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