Vacant Structures For Sale

Program Goal

Create affordable homeownership opportunities for neighborhood residents to build wealth using existing buildings.

Intended Uses

Residential rehabilitation

Eligible Parcels

Existing structures deemed feasible to be rehabilitated and otherwise appropriate for this program by Landbank staff.

Eligible Applicants

Individuals committing to reside in property as primary residence for 5 years, organizations/companies committing to create affordable homeownership opportunities. This program is not designed for rentals.

Application Process

For 30 calendar days after the application window opens, applications will  be accepted only from individuals committing to reside in property as primary residence. Appointments will be scheduled to provide opportunities for potential homebuyers to view property.

• If no viable applications are received during the first 30-day window, organizations committing to create affordable homeownership opportunities may submit applications.

• All applications will be scored using standard program criteria. Minimum scoring threshold: 65. Maximum score: 130.

Cost

Land value, as determined by the most recent PVA assessment

Type of Transaction

Deed

Restrictions

Restrictions will include end use as primary residence and a 12-month rehab timeline.

Other Program-Specific Information

Applications must include project plan, itemized budget, commitment to 12-month or less rehab timeline, commitment to reside in property as primary residence for 5 years or commitment to sell property to buyer committing to same, and proof of all rehab funds/financing.

• Depending on funding availability, HOF program may include exterior replacements such as windows, siding, or roof prior to transfer to homebuyer.
• Affordable homeownership is defined by the home sale price and must be listed under the HUD HOME homeownership value limits set annually. Please contact staff for information.

Monitoring

Projects will be regularly monitored from date of purchase through construction until completion. Monitoring will include on-site inspections (in addition to required regulatory inspections) and desk reviews.  Homeowners (direct buyers or end users) will be annually monitored to ensure property continues to be used as primary residence for 5 years.

Program Goal

Preserve historic fabric of older neighborhoods by rehabilitating demolition candidates for residential or commercial uses.

Intended Uses

Residential or commercial rehabilitation

Eligible Parcels

Existing structures deemed demolition candidates by Louisville Metro Government staff. (See list of available parcels below.)

Eligible Applicants

Individuals, nonprofit or other organizations with proven capacity to complete major rehabilitation on residential or commercial structures. Preference given to neighborhood residents and buyers creating homeownership opportunities.

Application Process

Properties will be offered for 30 days under the Save Our Structures program before moving to the Demo For Deed program. Application window will remain open for 5 business days under the Demo For Deed program. Submissions will be scored against standard program criteria. Minimum scoring threshold: 65. Maximum score: 130.

Cost

$1.00

Type of Transaction

Deed

Restrictions

Restrictions will include end use and timeline for completion, including 6 months from sale for exterior/structural elements and 18 months from sale for entire project and occupancy.

Other Program-Specific Information

Applications must include project plan, itemized budget, commitment to timeline, planned end use, and proof of all rehab funds/financing.

Monitoring

Projects will be regularly monitored from date of purchase through construction until completion. Monitoring will include on-site inspections (in addition to required regulatory inspections) and desk reviews. At initial occupancy, buyer may request release of restrictions.

Program Goal

Improve neighborhoods by reducing blighted properties and creating opportunities for new residential and commercial construction.

Intended Uses

Demolition to support future residential and commercial construction.

Eligible Parcels

Existing structures with no feasible proposals during the 30-day Save Our Structures program. Other existing structures deemed appropriate for this program by Louisville Metro Government staff. (See list of available parcels below.)

Eligible Applicants

Individuals, nonprofits, or other organizations committing to demolish the property using a licensed demolition contractor within 45 days of sale.

Application Process

Applications will be reviewed in the order received.

Cost

$1.00

Type of Transaction

Deed

Restrictions

Restrictions will include a 45-day demolition timeline and may, depending on the historic nature of the property, include new construction restrictions (LMCO 150.110).

Other Program-Specific Information

Applications must include cost estimate from licensed demolition contractor to demolish property and intended property use.

Should buyer wish instead to save property, cost estimate and plan from structural engineer may be required along with proof of funds and timeline from applicant.

Monitoring

Projects will be regularly monitored from date of purchase through demolition. Monitoring may include on-site inspections (in addition to required regulatory inspections) and desk reviews. After demolition is completed, buyer may request release of Landbank restrictions.