Louisville Metro Government and the Louisville Affordable Housing Trust Fund Partner to Host Event for Local Lenders
Local lenders are invited to attend a special event on Thursday, March 26 from 10am to noon at the Metro Development Center, located at 444 S. Fourth Street. Louisville Metro Government's Develop Louisville and the Louisville Affordable Housing Trust Fund (LAHTF) are co-hosting this event to inform mortgage lenders who might be interested in providing first-time mortgages through the HUD HOME Program funded LAHTF HOMEbuyer Program and/or the city's down payment and closing cost assistance programs.
"This partnership with Metro Government is a great opportunity for local lenders to learn more about the programs and services that are available to them through not only the Trust Fund, but also our city resources," says Rachel Hurst, LAHTF Executive Director.
The HOME down payment programs provide forgivable second mortgages and grants to assist in closing costs for first-time homebuyers who are below 80 percent area median income (AMI).
Additionally, LAHTF will continue their commitment to serving very-low income households by ensuring that over fifty percent of the funding will go to assist interested low-income first-time working families earning fifty percent below of the AMI in becoming homeowners.
The meeting will review the process for both organizations' programs including the requirements and advantages for the first mortgage lender.
The Louisville Affordable Housing Trust Fund was established by a bipartisan act of Metro Council in 2008 as an initiative for Metro Council to invest public funds in the kind of housing our community needs: for people on fixed incomes like seniors and people with serious disabilities; for young families starting out; for veterans; and for working people whose wages are not enough to live in Metro Louisville.
Louisville Metro County Ordinance 40.41- 45 allowed for the creation of the Louisville Affordable Housing Trust Fund as a private nonprofit agency authorized to receive and disburse monies to organizations dedicated to addressing the need for safe affordable homes in Louisville.
Applications are received and evaluated in a transparent process by the LAHTF Program Committee, which includes representatives of Louisville Metro Government's Develop Louisville department and the Mayor's office, the Louisville Metro Housing Authority, the Kentucky AHTF, representatives of affordable housing developers, and board members of LAHTF. LAHTF also solicits input from Metro Council members representing districts in which projects are proposed, as part of a formal evaluation process.