LOUISVILLE, Ky. (WDRB) -- The city of Louisville wants to make buying a home more affordable.
This is part of $10 million interest the city has earned. Mayor Craig Greenberg wants to direct a portion of the money to be used for down payment assistance, which low income homebuyers could use but Metro Council will have the final say.
Eyvonne Davis is looking for a new home.
"Yes, it's gonna be my dream home, looking for a three-bedroom, one bath, maybe two," Davis said.
But she's a single parent and could use a little help so she applied for Metro Louisville's Down Payment Assistance Program.
"It's just with that $10,000 down payment," Davis said. "that helps a lot with the mortgage cost each month, and that's really helpful for a single mother."
This week, Mayor Greenberg announced a budget surplus after some changes made in investment strategies.
"I am proud to announce that for the last fiscal year, Louisville Metro Government has a budget surplus of over $16 million," he said.
Greenberg is recommending the money be used for fire engine and firehouse upgrades, surveillance cameras, public works vehicles and more than a million dollars for down payment assistance.
"The down payment assistance program, we call it DPA, provides a down payment and closing cost assistance for low income homeowners who are trying to purchase a house," said Laura Grabowski, the director of the Office of Housing and Community Development.
Grabowski said the average amount of assistance they provide is somewhere around $30,000 to $35,000.
"The average home price that we're looking at is around $193,000 so even though there are not that many houses in that price range on the market. It's certainly a perfect starter home," Grabowski said.
"Absolutely, it would definitely help me," Davis said.
For now, it is just a recommendation but Davis said even her children are excited and helping find a home.
"My kids want to be in Central or Atherton so that's Old Louisville or the Russell neighborhood," Davis said.
Metro Council is expected to vote on the recommendations by the end of the year.
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