Establishes a first-generation homebuyer trust fund to assist eligible individuals in purchasing a principal residence.
The bill creates a first-generation homebuyer trust fund in the State Treasury to provide financial assistance to eligible first-generation homebuyers. The fund will receive moneys from state appropriations, gifts, grants, and federal funds. The Kentucky Housing Corporation will use the fund to make or participate in loans or grants, and operate a forgivable loan program. Eligible first-generation homebuyers must not have had sole ownership interest in residential real property and meet specific conditions, such as being in foster care or homeless.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.