LOUISVILLE, Ky. (WDRB) -- From abandoned property to dream home -- a local company is helping some unlikely homeowners move into the house of their dreams.

It is all happening through a program called Rebound. It uses federal dollars to turn abandoned and vacant houses into homes for single families.

"I always wanted to be a homeowner," said Myra Woodard.

A few years ago, Woodard moved into her dream home in south Louisville.

"It had been vacant for quite some time," she explained. 

These days the once vacant and abandoned home is fully loaded.

"I have three bedrooms with one-and-a-half baths. I have a kitchen, I also have a family room to the side and then I have a finished basement," said Woodard.

The home was renovated and sold to Woodard at a fraction of the cost through Rebound, which was created by the Urban League.

"It has definitely changed my life," said Woodard.

Rebound was created after a spike in foreclosures in Metro Louisville.

"So, one of the things that Rebound decided to do at the time is look at addressing the vacant and foreclose property issue here in the Louisville Metro area," said Kevin Dunlap, Rebound Housing Development Manager.

Dunlap says the goal is twofold: find homes for low income families and eliminate vacant or abandoned properties.

"To date, we have acquired and sold 17 abandoned and vacant properties, totally rehabbed those and all have been resold,"said Dunlap.

The before and after images of the homes tell the story best.

"It is tied to income so the person has to be income eligible," said Dunlap.

Rebound uses federal dollars to renovate and turn them into dream homes and to help with down payments.

"That down payment assistance has run as low as 4-thousand dollars for an individual family and we've had some to receive up to $20,000," he said.

The home, the money and assistance all come with some requirements.

"They actually have to go through some classes, actually have to be bank ready," explained Dunlap.

"Budgeting, my credit," said Woodard. Woodard said her hours in the classroom was time well spent. "Because it has given me stability, it has given me a place to call my own."

Sometime later this year, Rebound will start doing the same thing with new construction.

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