City of Covington selling rehabbed, historic homes with financial assistance

Five city-owned, fully rehabilitated historic homes are currently available for purchase in downtown Covington. The houses were acquired as part of the Neighborhood Stabilization Program, which awarded funds to redevelop foreclosed and abandoned properties in the city to help revitalize neighborhoods.
 
NSP targets new and existing homeowners and provides financing to help with the cost of a down payment and other associated fees. However, existing homeowners must utilize the NSP property as their primary residence.
 
The houses that are for sale through the NSP program are: 334 E. 18^th St., 912 and 914 Banklick St., and 118 and 120 E. 15^th St.
 
The houses all boast new and modern kitchens with open floor plans on the first floor, master bedrooms with closet space, and new, modern bathrooms. On the outside, the houses all have new roofs, gutters and paint, while the interiors have new and updated plumbing, electrical, and heating and cooling systems. They’ve also been rehabbed to high-efficiency standards, including added insulation, high-efficiency furnaces and Energy Star appliances.
 
For those interested in purchasing an NSP home, the City of Covington has financing programs available, through which buyers are required to borrow only what is termed an “affordable amount,” which is determined based on the buyer’s income. The city can provide interest-free, forgivable loans to supplement the affordable mortgage amount and the price of the home.
 
The program’s income limits are higher than other homebuyer programs—NSP allows households up to 120 percent of HUD Area Median Income ($57,700 for a single person household and $82,450 for a four-person household).

For more information regarding the program or find out if you qualify to purchase an NSP home, contact Jeremy Wallace via phone at (859) 292-2163 or via e-mail.
 
By Caitlin Koenig
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