Alternative Home Loan Fund Established
A long standing central Kentucky non-profit, the Attorney General’s Office, and five banks are establishing a five million dollar home loan fund.
Community Ventures Corporation CEO Kevin Smith says the program is aimed at assisting up to 70 families who can’t qualify for traditional bank financing.
“In many of our neighborhoods, we’re sitting on a bunch of vacant houses that are being vandalized, people are steeling copper out of them, or out of area landlords are buying them up and renting them out,” said Smith.
Smith says participants are required to take ‘home buyer education.’ He says CVC is a strong believer all homebuyers need to know the responsibilities of home ownership. Kevin Smith says many of these individuals qualify for credit, but can’t get a mortgage. He says the Lexington based non-profit held a good record during the housing meltdown a few years ago.
“With all the foreclosures that were happening and bank portfolios tanking, it didn’t happen here, and the reason we feel it didn’t happen is one, we made sure they got a mortgage product that they could afford,” added Smith.
In its two decades of service, Community Ventures Corporation has assisted some 500 families with home ownership.