New loan programs offered to small developers and immigrant professionals
In response to community input and continued conversations with Louisville Metro Government, Louisville-based certified Community Development Financial Institution (CDFI) LHOME has launched two new loan programs aimed at building wealth for small developers in west Louisville and for immigrants seeking recertification for professions they pursued in their countries of origin.
“Louisville is home to immigrants from around the world who have brought their business experience and passion for community building to our city, seeking opportunity for them and their families. Our city also is home to prospective entrepreneurs looking to get started in the residential and commercial development, and both need access to capital to bring these dreams to reality. These new LHOME programs will help give many Louisvillians the tools necessary to realize their full human potential,” said Mayor Greg Fischer.
Small Developer Loan
In response to community input and meetings with Louisville Forward, LHOME launched a small developer loan product, primarily for residents of west Louisville. Up to $30,000 is available to rehab single family homes that can be sold to West End residents for home ownership or refinanced for rental. LHOME is deploying up to $500,000 to developers vetted by Sponsor 4 Success – a local organization building wealth for children and adults in west Louisville. Both organizations are committed to ensuring high quality, affordable housing is created for community members.
LHOME created the JobUp! Loan Program after Louisville Metro Government’s Office of Globalization asked about providing low-interest loans to help immigrants and refugees pay to be recertified as doctors, nurses, health care aides, tradespeople, educators, attorneys and other high-demand professions in Louisville. Along with partner Strategic Alliance Consultants led by two female Hispanic professionals, LHOME has awarded three JobUp! loans since the program launched October 1, 2019.
LHOME’s President and CEO Amy Shir said, “LHOME exists to fill gaps for community members wanting to build wealth for their families, start small businesses, and pursue their dreams. Redlining and institutional racism have prevented far too many of our community members from accessing affordable capital. The small developer loans will help prevent displacement caused by gentrification by keeping wealth in the neighborhoods. Additionally, too many immigrants and refugees are just a few thousand dollars away from practicing the professions for which they are trained and passionate. Both programs exist to bolster low-wealth families and communities.”
Mayor Fischer and several community leaders will laud these new programs at Home Sweet LHOME, an event to celebrate the success of LHOME, its clients, and fair lending for all Louisvillians on Tuesday, Nov. 12 from 9:30 a.m. to 11:00 a.m. at Joshua Tabernacle Missionary Baptist Church, 426 S. 15th St., in the Russell neighborhood.
Loan clients like Marcus Harris with Pride Leadership Academy, who trains black youth to pursue construction trades and Ricardo Gonzalez, who was a licensed real estate attorney in Puerto Rico, will speak at the event. Harris is using an LHOME loan to create affordable housing in west Louisville. Thanks to a JobUp! Loan from LHOME, Gonzalez is now able to take the Kentucky Bar Exam.
LHOME continues to aggressively raise loan funds and operating capital to fill a huge need for affordable, accessible capital in Louisville’s low-income communities, where predatory lenders are prevalent. Please invest in LHOME at www.lhomeky.org.
Access Ventures • BB&T • Alice and Barry Bridges • CDFI Fund • Chase Bank • Citizens Union Bank • Community Foundation of Louisville • Fifth Third Bank • First Financial Bank • The Gheens Foundation • Housing Partnership, Inc. • Humana Foundation • James Graham Brown Foundation • Just Money Advisors • Metro Bank • New Directions Housing Corporation • Old National Bank • Park Community Credit Union • PNC Bank • Republic Bank • Sponsor 4 Success • U.S. Bank • Woodforest National Bank
Home Sweet LHOME Event Sponsors
Central Bank • Citizens Union Bank • Fifth Third Bank • First Financial Bank • First Savings Bank • Gill Holland Jr. & Augusta Brown Holland • Republic Bank • WesBanco
Home Sweet LHOME In-Kind Event Donors
findCRA • Heine Brothers
Register to attend Home Sweet LHOME for free at https://lhome2019.eventbrite.com.