City triples budget for down payment assistance program in 2022

Jene J. Long

LOUISVILLE, Ky. (WAVE) – More homeowners in Louisville will be gaining assistance as the city’s Down Payment Assistance Program and Home Repair programs budget will be increased in the upcoming fiscal year.

Monday’s announcement stated that $3 million will be allocated to the Down Payment Assistance Program in 2022′s budget, designed to help low to moderate-income individuals become homeowners and build generational wealth.

In 2021, a total of $1 million was given to the program.

Around $5.8 million will be budgeted for Home Repair programs, such as Regular Home Repair, At-Risk, and Russell Rental Rehab, compared to $3 million in the 2021 fiscal year.

“Which will allow us to help around 150 households, with an average assistance amount of about 22 thousand dollars or so,” Mayor Greg Fischer said. “So there will be 150 new homeowners in the community this year because of this budget we have just passed.”

Households looking to take advantage of these programs must be at or below 80 percent area median income, which is around $61,500 for a family of four.

Applications are currently being accepted for these programs, which can be found here.

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