Friday, August 2, 2013

Nonprofit HONK completes two homes for new Bellevue homeowners

The fourth and fifth homes completed in Bellevue by Housing Opportunities of Northern Kentucky (HONK) were dedicated on Tuesday, bringing two more home-owning families to the city.

The houses, which are located at 514 and 516 Taylor Avenue, share the same floor plans and are approximately 750 square feet each. Each is valued between $70,000 and $75,000 – including 516 Taylor Avenue, which suffered extensive fire damage in 2012 and was given an assessed value that year of $23,000 by the Campbell County PVA.

Potential buyers of HONK homes must either have the income and credit to support a mortgage, or work through HONK's lease-purchase program. The lease-purchase program, which usually takes about 18 months to complete, allows prospective homeowners to save for a down payment, improve their credit, and get used to the utility and maintenance costs that come with owning a home.

"They're getting to try out that homeownership experience before they commit," said HONK Executive Director David Hastings. In doing so, HONK is helping to transform lives and revitalize neighborhoods, he said.

To keep the homes within the range of the market values of surrounding homes, the faith-based, nonprofit organization relies heavily upon the work of volunteers.

"We can't do what we do without our volunteers," Hastings said.

"These projects do not happen overnight," said Bellevue Mayor Ed Riehl. "We tip our hats and say a big 'thank you' to the many volunteers who make this happen."

Financial support for the rehabilitated properties comes from The Bank of Kentucky, the R.C. Durr Foundation, Toyota, the Macy's Foundation, Guardian Savings Bank, and other contributors.

Over the past 21 years, HONK has rehabbed 75 homes and built 33 new homes in Northern Kentucky.

Previous reading on BC:
Covington shows off part of 14-site NSP redevelopment (7/30/12)
HONK, Brighton Center partnership house open today (7/12/12)
HONK creates two new homeownership opportunities in Ludlow (7/2/12)