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Federal grant aims to help rural Kentuckians become homeowners

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LEXINGTON, Ky. (KT) - Funding aimed at helping rural Kentuckians become homeowners is the purpose of a federal grant awarded to Lexington-based non-profit Community Ventures (CV), it was announced on Tuesday.

The U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI) awarded the funding for low-interest, long-term loans to be used as down payment or closing cost assistance to rural Kentuckians who wish to become homeowners. Kentuckians may apply for funding through CV's Rural Homeownership Assistance Program.

"One of the greatest barriers to homeownership for many families is the lack of down payment and closing costs," said Brenda Weaver, CV's President of Lending and Western Kentucky Disaster Recovery. "This award allows Community Ventures to provide funds that help borrowers obtain attractive mortgage financing without paying extra for private mortgage insurance in many cases."

To qualify for downpayment and closing cost assistance through the Rural Homeownership Assistance Program, prospective homeowners must seek to own a home in a rural county, as defined by the Community Development Financial Institutions Fund (CDFI), and have a household income that does not exceed 80 percent of area median income requirements in rural counties and 120 percent in areas of economic distress. Contact CV to see if your area is considered rural by CDFI.

The CDFI funding provides $1.5 million to support rural homeownership in Kentucky.

To learn more about CV's Rural Housing Development Program or see if you qualify for downpayment and closing cost assistance, contact Josh Smith at (859) 231-0054 or email him at Josh.Smith@cvky.org.

According to their mission statement: Founded in 1982 as a community-based, non-profit organization, Community Ventures strengthens communities and improves the overall quality of life for Kentuckians by supporting job creation, small business ownership, and home ownership. CV is headquartered in Lexington with branch locations in Bowling Green, Campbellsville, Louisville, Mayfield, Millersburg, and Owensboro. For 21 consecutive years, CV has been named Microlender of the Year by the Kentucky Small Business Administration.

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