LOUISVILLE, Ky. (WDRB) – Applications are now open to help Louisville residents purchase and repair homes in hopes of "retaining homeownership and building generational wealth."
Applications for the Down Payment Assistance and Home Repair programs are now open through the Louisville Metro Office of Housing for people with low-to-moderate income, according to a news release.
There is $3 million in the city's budget for the Down Payment Assistance Program and around $7.7 million dedicated to the city's four Home Repair programs.
To be eligible for either program, households are required to be at or below 80% of the area's median income, which is $61,500 for a family of four, according to a Metro Housing press release. They do not have to be first-time homebuyers.
“Homeownership is crucial for residents to build generational wealth. Through the Down Payment Assistance Program, we are broadening access to homeownership for people for whom a down payment is a barrier to entry,” Louisville Mayor Greg Fischer said.
The following is required to be eligible for Down Payment Assistance:
- Be pre-approved for a mortgage from a local financial institution
- Have no unpaid collections, past due balances or un-discharged bankruptcies, except medical collections of up to $10,000
- Have at least $1,500 in savings
- And meet set home price limits
A home repair program is also available for Louisville residents living in single-family homes with low-to moderate incomes. The program includes regular at home repair, at-risk, Russell renter rehab and exterior code alleviation.
An average of $21,706 is paid out through Down Payment Assistance, while the average paid out through the home repair program is $24,000 per applicant.
To apply for either program, click here. Paper copies are also available at the Metro Development Center at 444 South 5th Street.
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