Monday, July 2, 2012

HONK creates two new homeownership opportunities in Ludlow

New homeownership opportunities for qualified low-income homebuyers in Northern Kentucky became available following a ribbon-cutting ceremony last Thursday evening in Ludlow.

Two new single-family homes, built by Housing Opportunities of Northern Kentucky (HONK) at 201 and 205 Oak Street, are the 35th and 36th new builds completed by the faith-based nonprofit in its 21-year history. During that same period, it has rehabilitated 75 properties for homeownership.

"Our work is about more than simply building and rehabbing homes," HONK Executive Director David Hastings said in a prepared release. "It is really about transforming lives, helping people succeed as homeowners, and at the same time, revitalizing neighborhoods."

Vacant lots for the two homes were donated by the City of Ludlow, and volunteers – both skilled and unskilled – helped in all aspects of construction.

Support from an anonymous donor allowed the construction team to add upgrades such as brick, solid hardwood flooring, and the use of more weather-resistant materials for the front porches. These are upgrades that HONK normally cannot afford.

Potential buyers either have to have the income and credit to support a mortgage right away, or work to achieve it through HONK's lease-purchase program. The program allows prospective homeowners to save for a down payment, build credit, and get used to the utility costs and maintenance expectations in the home they are working to purchase.

Sales prices are based on the market values of surrounding homes.

"HONK and its partners continue to help struggling communities in Northern Kentucky so that even more families have an opportunity to fulfill the American dream of home ownership," said Matt Butler, president of HONK's Board of Directors. "We are grateful that the Home Builders Association [of Northern Kentucky] and volunteers are joining us in this important work. Whether we are rehabilitating and repairing existing structures or building new homes, we are helping families transform their lives while making a positive impact on the community."

Photos provided.