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Affordable Opportunities to New Homebuyers; Feature: 912 Banklick Street

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COVINGTON - The single-family dtached property located at 912 Banklick Street has 3 bedrooms, 2.5 bathrooms, and the City is offering very attractive financing opportunities to potential homebuyers who qualify.

The property is nestled across the street from the John G. Carlisle Elementary School and is located within the Old Seminary Square Neighborhood, a neighborhood that is known for its beautiful stock of historic Italianate and Victorian homes. The entire home has been rehabbed and modernized internally but all architectural features were preserved externally. The third floor master suite includes a full bathroom and a walk-in closet.  A fence encloses a generous rear yard with a secure entry gate.

The sales price is $145,000, but buyers who are looking at lower sales prices can qualify to purchase this home because of the City's financing that can provide assistance to cover up to 50% of the sales price.

This property, as of this week, is now only one of three that the City has left to offer and the City is continuing an aggressive campaign to find buyers for each of them.

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 property as their primary residence.)

The homes are sold for their appraised value; however buyers are only required to borrow what is termed an 'affordable amount'.  Buyers are required to obtain first mortgages with a monthly payment equal to 25-30% of their gross monthly income.  The City can provide interest free, forgivable loans to fill the gap between the affordable mortgage and the sales price of the home.

"These financing incentives are tailored to each buyer, so they really need to contact us to find out what they may be eligible for.  We've had people on this program receive $15,000 or $100,000 worth of financial assistance, so that's quite a spectrum" says Jeremy Wallace, Housing Coordinator for the Program.

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.

Other homes including 912 Banklick for sale and available in this program include:

118 East 15th St., Covington, KY 41011 

120 East 15th St., Covington, KY 41011

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.

 


Posted on October 16, 2013.