Establishes a fund for purchasing and improving vacant and abandoned homes in Kentucky, prioritizing areas with less than 25% vacancy.
The bill establishes the abandoned home pool fund in the State Treasury, using state appropriations, gifts, grants, federal funds, and investment returns. The fund finances the purchase and improvement of vacant and abandoned homes, prioritizing areas with less than 25% vacancy. Eligible entities include units of local government and local housing authorities. Homes must be deed-restricted for 20 years and rented to low-income families. Rent payments are based on a sliding scale, increasing as families make more payments. If a family cannot pay rent for 90 days, eviction proceedings begin.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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