From the Louisville Metro Housing Authority's press release:
Louisville Metro Housing Authority (LMHA) is celebrating the recent purchase and closing of the 400th home in the Homeownership Program.
LMHA’s Homeownership Program allows eligible Housing Choice Voucher (HCV) or Public Housing participants to use their subsidy toward a mortgage payment instead of rent. Participants must complete pre-purchase Homeownership Counseling to become “mortgage ready.” The counseling program covers topics like searching for a house, home maintenance, budgeting and money management, credit counseling, price negotiation, and securing mortgage financing.
“This program takes dedication and hard work to complete,” said Tyese Stokes, mother of two and new owner of a 4-bedroom, 2-bathroom home in the Shawnee neighborhood. “Thankfully, LMHA assisted me every step of the way. I feel extremely blessed to own this home.”
Program partners include the U.S. Department of Housing and Urban Development, 5/3 Bank, Apprisen, Louisville Metro Office of Housing and Community Development, Louisville Urban League, Republic Bank, Stockton Mortgage, and The Housing Partnership, Inc.
In 1997, LMHA became the first affordable housing agency in the nation to utilize HCV subsidy assistance toward mortgage payments for persons with disabilities or employed heads of households without homeownership history. Mortgage support is coupled with intensive postpurchase case management and individual development accounts for home maintenance to increase the likelihood of asset appreciation and decrease the risk of foreclosure.
“400 families have put in countless hours of education, counseling, budgeting, saving, and preparation to obtain this dream,” said LMHA Homeownership Specialist Stephanie Payne. “We are especially proud of their hard work and excited to reach this milestone!”