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Settlement Provides $750,000 for Affordable Housing in Lexington

foreclosure 300LEXINGTON, Ky. (9/24/13)—In a press conference today Attorney General Conway stated that at the height of the nation’s foreclosure crisis, 65,000 Kentuckians lost their homes. Kentucky participated in a $25 billion settlement with five of the largest banks in the country that will provide relief for people who’ve lost their homes.

Kentucky will receive $58.75 million. Today General Conway and Mayor Gray announced how the more than $750,000 allocated to Lexington would be used.

“Our state’s largest cities were hardest hit with abandoned properties, displaced residents, and declining neighborhoods,” said General Conway. “It’s incredibly fulfilling to know that these settlement funds will be used to create and rehabilitate affordable housing in Lexington, while helping residents who’ve lost their homes or face foreclosure.”

The funds will be split and used as followed:

-$230,000 will be used by Lexington Fayette Urban County Government as the local match for the federal funds to construct up to eight housing units for residential homeowners.

-$100,000 will be provided for property acquisitions to build and/or acquire housing for low-income renters.

-$125,000 will be used for the repairs and renovations of The Hope Center, a homeless shelter that provides services to more than 2,000 men each year.

-$50,000 will be used to support emergency and transitional living services provided by the Salvation Army of Lexington.

-$125,000 will be provided to Lexington Habitat for Humanity to construct at least two houses for qualified low-income families.

-$129,125 to LFUCG for its Housing Rehabilitation Program and its Community-Wide Emergency Repair Program to help assist property owners in making repairs to keep their homes warm, dry and safe.

 "These funds will make life better for dozens of local families,” said Mayor Gray. “I will help our city as we work to address homelessness concerns."

To learn more about the mortgage foreclosure settlement, visit ag.ky.gov/mortgagesettlement.

Bonnie Dailey
SurfKY News
Photo provided by Respres via Wikimedia Commons

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

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