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Five Historic, Completely Rehabbed Properties Seeking Owners

Housing Program Offers Affordable Opportunities to New Homebuyers
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COVINGTON - Five City-owned and completely revitalized historic properties within the downtown area are seeking homeowners. The properties were acquired during the Neighborhood Stabilization Program that awarded funds to redevelop foreclosed and abandoned properties throughout the City as a means of revitalizing neighborhoods.

The program targets new and existing home owners and provides financing that helps with the cost of down payment and other associated fees. (Existing home owners must utilize the program property as their primary residence.)

The properties have been completely rehabbed which is evident in the workmanship of the homes, including brand new and modernized kitchens with open floor plans on the first floor, master bedrooms with plenty of closet space and completely new and modern bathrooms. Outside, rehabilitation includes new roofing, gutters and painting while interior restoration feature plumbing, electrical, heating and cooling systems. The homes have been rehabilitated to high energy efficiency standards including added insulation, high efficiency furnaces, and Energy Star appliances.

The City has financing programs available to assist with the purchase of these homes. The homes are sold for their appraised value; however buyers are only required to borrow what is termed an 'affordable amount', which is an amount that is determined based on income. Additionally, the City can provide interest free, forgivable loans to fill the gap between the affordable mortgage and the sales price of the home.

This program has income limits that are significantly higher than other homebuyer programs. This program allows households up to 120% of the HUD Area Median Income. Examples of these limits are: $57,700 for a single person household and $82,450 for a four person household.

Homes currently for sale and available include:

  • 334 East 18th St. 
  • 912 Banklick St. 
  • 914 Banklick St. 
  • 118 East 15th St. 
  • 120 East 15th St.

For more information about the program, or to find out if you are qualified to participate, contact: Jeremy Wallace, 859-292-2163, jwallace@covingtonky.gov