New programs available to aid Covington homebuyers and homeowners

Covington

The Covington City Commission recently approved new programs intended to help homebuyers and homeowners in Covington.

According to a Covington news release, homebuyers now have access to homebuyer assistance and the Homebuyer Assistance Program and homeowners have access to the Code Enforcement Hardship Repair Program and the Homeowner Repair Program.

Under Homebuyer Assistance, homebuyers in Covington may be eligible for an interest-free deferred forgivable loan up to $7,500 to cover the lender-required down payment and customary settlement charges to the borrower.

There is a similar offering under the same program name for homebuyers in Ludlow, Newport, Bellevue and Dayton in which they may be eligible for an interest-free deferred forgivable loan up to $5,000. The extension of the program to homebuyers in neighboring Northern Kentucky cities is due to Covington's status as a regional HUD HOME Consortium.

In order to qualify for both Homebuyer Assistance programs, a borrower's gross annual household income must be at or below 80 percent of the area median income, which is $38,400 for a single person and $54,800 for a four-person household.

The Code Enforcement Hardship Repair Program, which is funded through the Community Development Block Grant program and is only available through referral by the Code Enforcement Hearing Board, assists eligible low-income owner-occupants of single-family homes in Covington with regards to existing violations of a Kentucky building codes, property maintenance codes and other applicable city codes. These funds are provided in the form of a deferred forgivable loan and those property owners who appeal a code citation to the board may be eligible.

The Homeowner Repair Program, also funded through the CDBG program, helps eligible low-income owner-occupants of single-family homes in Covington address repairs such as roof patches and furnace repairs. Funds are available in the form of a deferred forgivable loan up to $5,000. Households seeking assistance from the program will be required to summit a completed application packet with supporting documentation and will be placed on a waiting list.

For more information, call the Department of Development at 859-292-2323 or visit www.covingtonky.gov.