New grant could give eligible Kenton County residents a $10,000 incentive toward buying a property

Posted at 6:38 PM, Jul 21, 2017
and last updated 2017-07-21 18:57:12-04

TAYLOR MILL, Ky. – To help bounce back from the housing crisis and get residents to buy property, Kenton County residents could receive a sweet deal that includes $10,000.

The Kentucky Housing Corporation just deemed Kenton County eligible for the “Hardest Hit Fund” grant.

Those who are first-time buyers or have not owned a home for three years could be eligible for an interest-free second mortgage. It is forgiven after five years of living in the home.

The grant is great for buyers who are already actively looking to buy, Marcie Rottinghaus, president of the Northern Kentucky MLS, said.

“Especially if somebody has been on the fence waiting for the right time, now is the time,” Rottinghaus said.

The incentive could have an impact on Caroline Beckett’s decision to choose where she lives as she has been actively searching for a home.

"That's a lot of money,” Beckett said. “That's a big chunk of buying a home. And one of the hardest parts is down payment. That's what's getting me right now."

The grant is good for homes valued up to $282,000 and with more homeowners in the area, there could be an increase in local business.

"We'd like more and more people to move to our nice little town,” Kevin Novesl, owner of  Knutz-N-Futz, said. “We love our city."

Those interested in buying a home need to quickly get in touch with a realtor, look at inventory and get the loan application submitted after a contract has been accepted, Rottinghaus said.

“We're at two days in, and we're already down at half the money,” Rottinghaus said. “We're anticipating a frenzy this weekend."

Rottinghaus expects for the money to be gone by next week.