Kentucky SB142 establishes an abandoned home pool fund to support affordable housing initiatives by rehabilitating vacant and abandoned properties.

Kentucky SB142 creates an abandoned home pool fund to finance the rehabilitation of vacant and abandoned properties for affordable housing. The fund will receive moneys from state appropriations, gifts, grants, federal funds, and fees. Eligible entities, including nonprofit organizations, can apply for loans or grants to acquire, rehabilitate, and lease these properties to eligible renters. Eligible renters must have a household income not exceeding 120% of the median income for the area and complete mandatory homeownership counseling.

Kentucky SB142 establishes an abandoned home pool fund to support affordable housing initiatives by rehabilitating vacant and abandoned properties.

Kentucky SB142 creates an abandoned home pool fund to finance the rehabilitation of vacant and abandoned properties for affordable housing. The fund will receive moneys from state appropriations, gifts, grants, federal funds, and fees. Eligible entities, including nonprofit organizations, can apply for loans or grants to acquire, rehabilitate, and lease these properties to eligible renters. Eligible renters must have a household income not exceeding 120% of the median income for the area and complete mandatory homeownership counseling.