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Louisville to provide loans to fix up vacant properties
A vacant house in the 2500 block of W. Jefferson St. in western Louisville
In addition to helping neighbors or nonprofit groups acquire dilapidated properties using the foreclosure process, Louisville Metro officials are also establishing a pool of money that those new owners can borrow from to renovate the properties.
The $250,000 will be used to establish a revolving loan fund to finance improvements to vacant and abandoned properties, similar to the city’s METCO small-business loan program, said Chris Poynter, spokesman for Mayor Greg Fischer.
An owner could borrow from the fund at a low interest rate and pay off the loan upon selling the property, he said.
It will be the first actual work done by the Affordable Housing Trust Fund, which was established with $1 million in seed money under former Mayor Jerry Abramson, but has yet to find a reliable funding stream.
Fischer directed $100,000 to the fund in last year’s city budget, which board members are matching through private donations, he said.
The goal for the trust fund is $10 million, Fischer said Monday.