LOUISVILLE, Ky. (WDRB) -- Louisville Mayor Greg Fischer has announced a number of programs he says are designed to increase access to affordable housing, allow existing homeowners to stay in their homes and prevent widespread racial displacement.
One initiative announced at a Wednesday news conference comes from Louisville's Office of Housing's Down Payment and Home Repair program. Thanks to a $7 million allocation from the city, eligible prospective homeowners will receive funds to make up to a 20 percent down payment on a home in a Jefferson County neighborhood.
"For so many people, one barrier to home ownership is the struggle to save enough money for a down payment," Mayor Fischer said.
The program is designed to fulfill up to 350 applications requesting funding, according to a news release, but on Wednesday morning, Marilyn Harris, director of the Louisville Metro Office of Housing and Community Development, would not say exactly how many prospective homeowners they plan to help. She says there are more people interested in the program than there are funds available.
"We will run out of money," she admitted. "There is no doubt in my mind that we will run out of money."
The program also provides funds for current homeowners to cover the costs related to electrical and HVAC work, plumbing and roofing. According to a news release, the city also offers Home Repair programs specifically for residents of west Louisville, Smoketown and Shelby Park to make emergency repairs to improve home safety and help them stay in their homes.
The Office of Housing has also resumed its Exterior Code Alleviation Program, which, according to the news release, "is designed to assist low, moderate and middle-income homeowners in eliminating exterior code violations and fixing minor essential exterior repairs to improve the sustainability of the home."
Among the eligible repairs are: painting, siding, gutters, downspouts, roof replacement/chimney repair, steps, window sealing and foundation work.
Anyone who takes advantage of the home repair funds should also apply for the city's property tax moratorium, according to the news release.
"Earlier this year, in a joint effort by Louisville Metro Government and Louisville Metro Council, the city made the Property Assessment and Reassessment Moratorium Program more accessible to homeowners in west Louisville, Smoketown and Shelby Park by lowering the amount homeowners in those neighborhoods need to invest in home repairs and upgrades in order to qualify," the news release states. "The city also agreed to waive a $40 administrative fee for low-income residents."
Additionally, the Louisville Metro Housing Authority announced that it has received approval for a new program designed to provide federal funding to keep income-eligible residents of the Park DuValle, Phoenix Hill, Smoketown and Russell neighborhoods in their homes. That funding will be available to offset their mortgage, interest, property tax or utility costs.
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Fischer said all of these efforts were part of an initiative to grow Louisville in a way that promotes diversity.
"We don't have widespread displacement in our city," Fischer said. "We're not growing fast enough for that."
What Louisville does have, according to Fischer, is an opportunity to show the country how you can grow the city without displacement.
"Racial justice and business growth are complimentary," Fischer said. "White people in particular are waking up to that and understanding that."
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