Kentucky Home buyers Assistance Programs 2013
- Community Housing/Residential Resources for Persons with Serious Mental Illness
- Rental Housing
- Home Ownership
- Home Ownership – Statewide Programs
- Home Ownership – Local and Regional Programs
- Housing and Urban Development
A wealth of information is available from HUD including tenant rights and responsibilities, figuring out how much you can afford, and special services and programs that offer financial assistance. Visit the HUD rental website athttp://www.hud.gov/renting/index.cfm
To find a subsidized apartment in your area, visithttp://www.hud.gov/apps/section8/step2.cfm?state=KY%2CKentucky
HUD also has information on home ownership, such as “Maintaining and Improving Your Home,” “Energy and Your Home Environment,” “Paying Your Mortgage,” “Refinancing,” “Manufactured Homes,” and “Disaster Relief.” Visit the website athttp://www.hud.gov/owning/index.cfm
Several different rental assistance programs are available through KHC. These programs offer very low-income residents an opportunity to find housing at an affordable price. KHC administers many federal rental assistance programs throughout the state. The U.S. Department of Housing and Urban Development (HUD) pays a portion of the resident’s rent (subsidy) and the resident pays the rest (usually 30 to 40 percent of their income). Such programs include the Housing Choice Voucher Program, Rental Administration and New Havens. For more information, contact Kentucky Housing Corporation.
You can also find a listing of Public Housing Authorities on HUD’s website.
Programs also exist which are accessible to individuals with disabilities and other special needs who want to become homeowners. Many of these programs offer below-market interest rates, principal reduction and/or assistance with down-payment and closing costs.
- Kentucky Housing Corporation’s New Construction Program for the Disabled
This program makes home loans at 1 percent to 6 percent interest to individuals with disabilities, based on family income. You must apply through a local participating lender. Applications are submitted by lenders to KHC on an ongoing basis until funds run out. You may contact KHC at (800) 633-8896 or (502) 564-7630, ext. 272 for information, or access their website athttp://www.kyhousing.org/page.aspx?id=299.
- Kentucky Rural Development State Office
771 Corporate Drive, Suite 200, Lexington, KY 40503-5477
- Rural Housing Service Single Family Direct Loan Program
This program is available to very low and low-income families who live in rural areas of Kentucky. Loans can be used to purchase or build a home and may be made up to 100 percent of appraised value, with interest rates as low as 1 percent, based on the applicant’s financial condition. Loans are generally for 33 years. You must apply through a district office of RHS. You can call the statewide office at (859) 224-7300 for general information or visit their website athttp://www.rurdev.usda.gov/ky/single_family_direct_loans.htm.
- Rural Housing Service Guaranteed Single Family Loans
Like the Single Family Direct Loan, this program is available to low- and moderate-income families to buy or build a home in a rural area. Under this program, the Rural Housing Service guarantees the loan, while a number of potential lenders (Kentucky Housing Corporation and local banks) control the underwriting. Loans may be made up to 100 percent of appraised value. Interest rates are negotiable with the lender subject to a maximum that changes with market conditions. The term of the loan is 30 years. To apply you should contact a local lender or contact your area Rural Housing Service office for more information. To find your local office, phone the statewide office at (859) 224-7300 or visit http://www.rurdev.usda.gov/ky/single_family_guaranteed.htm
- REACH (Resources Education and Assistance for Community Housing), Inc.
733 Red Mile Road, Lexington, KY 40504
REACH is a program using federal HOME funds, which operates in Lexington/Fayette County, and as First KEY in counties immediately surrounding Fayette, designed to aid low income individuals and families in achieving home ownership. This program matches loans from local lenders with an up to $15,000 non-repayable loan (at 0 percent) that is used to write down the principal amount of the home loan. You can contact REACH at (859) 455-8057, or atwww.reachky.com.
- The Housing Partnership, Inc.
333 Guthrie Green, Suite 404, Louisville, KY 40202
- Louisville Home Ownership Partners
Home Ownership Partners is an affiliate of The Housing Partnership, Inc. which offers a step-by-step program leading to home ownership by providing comprehensive counseling, courses and services in Owensboro and the Louisville-Jefferson County area. You may contact Home Ownership Partners in Louisville at (502) 574-5774 or visit their website at http://www.housingpartnershipinc.org.
- Federation of Appalachian Housing Enterprises
106 Pasco Street, P.O. Box 908, Berea, KY 40403
The Federation of Appalachian Housing Enterprises (FAHE) is a coalition of nonprofit housing organizations based in eastern Kentucky. FAHE affiliates focus primarily on homebuyer and homeowner repair programs for low-income residents of the counties they serve. These nonprofits typically construct new homes and provide mortgage financing at very affordable rates. Individuals with disabilities have been able to become homeowners and pay about the same amount of money on a monthly basis as they were paying for rent. For a list of the FAHE member organizations, visit http://www.fahe.org/members/.
- Kentucky Habitat for Humanity
649 Charity Court, Room 9, Frankfort, KY 40601 (859) 621-9379
Habitat is a national program operated by Habitat for Humanity International, a faith based program which promotes home ownership through local chapters. Typically the local chapter enlists individual churches or other organizations in building homes with donated labor and materials. The applicant must agree to provide “sweat equity” (assist in some way in the construction of the home) toward a very low-interest loan on a reduced principal amount of about $46,600. Small monthly mortgage payments, including taxes and insurance, are repaid over an average of 20 years and deposited into a revolving “Fund for Humanity” which supports the construction of more houses. For local contact information, visit www.habitat.org/local/affiliateC.asp?place=82&
- Projects for Assistance in Transitioning from Homelessness (PATH) Program
The Projects for Assistance in Transitioning from Homelessness (PATH) Program, which was authorized by the Stewart B. McKinney Homeless Assistance Amendments Act of 1990 (P.L. 101-645), is a formula grant program authorized under Section 521 et seq. of the Public Health Service Act and administered by the Center for Mental Health Services Homeless Programs Branch within the Substance Abuse and Mental Health Services Administration.The PATH Program provides federal funds in the form of block grants to serve individuals who are suffering from a serious mental illness, who may have a co-occurring substance abuse disorder, and who are homeless or at imminent risk of becoming homeless. PATH allocations to the state are based on a legislatively determined formula based on the number of individuals residing in urbanized areas in the state as a percentage of the total United States population in urbanized areas.
- New Rural Housing and USDA Property Eligibility guidelines for Kentucky Cities (kentuckyusdaloan.com)
- Kentucky Housing first mortgage loans guidelines for 2013 (kentuckyfirsttimehomebuyer.com)
- Kentucky Rural Housing and USDA Property Eligibility Requirement Changes March 27,2013 (kentuckyusdaloan.com)
- Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: New Rural Housing and USDA Property Eligibility gu… (louisvillekentuckyvamortgage.blogspot.com)
- HUD gives local homeless programs $12.4M (wcpo.com)
- KHC Loan Programs (mylouisvillekentuckymortgage.com)
- HUD Releases Model Programs For Use By Communities Seeking CDBG-DR Funding (paramuspost.com)
- Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Rural Housing and USDA Property Eligibili… (louisvillekentuckyvamortgage.blogspot.com)
- POLICY INNOVATION SERIES: Can we maintain and preserve public housing without increasing HUD’s budget? (enterprisecommunity.com)
- Kentucky Rural Housing and USDA Property Eligibility Requirement Changes March 27,2013 (mylouisvillekentuckymortgage.com)