DECEMBER 12TH, 2018

Kentucky Mortgages

The US census has often been used as a relatively bias-free way to track housing trends in the United States. The US census is 2002 shows Kentucky as having 1,796,900 total housing units. Of those housing units, the home ownership rate is higher than the nationwide average. The US census showed there to be a 70.8% home ownership rate in Kentucky, which was higher than the national average of 66.2%. A contributing factor in the elevated home ownership rate in Kentucky is the median value of housing units. The 2000 US census showed the median value of owner occupied housing units in Kentucky to be $86,700, which is significantly lower than the national average of $119,600. The lower housing cost is often a strong factor that affects home ownership rates, however it is not the only factor. Low median household incomes can have an inverse effect on the home ownership rate. Kentucky had a median household income in 1999 of $33,672, which is almost 25% lower than the national average of $41,994.

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There is good news for those looking for affordable housing in Kentucky. The Kentucky Housing Corporation has recently announced the submission of the latest round of funding from the Affordable Housing Trust Fund and the Home Investment Partnerships Program. There are Nineteen recipients around the state that will receive a total of approximately $6 million to fund housing developments. These developments will aid their communities and produce approximately 239 units of affordable housing.

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The Affordable Housing Trust Fund was created in 1992 by the Kentucky State Legislature to attempt to find solutions the critical housing needs of very low income Kentucky residents. The list of help recipients includes the mentally and physically disabled and those on the brink of homelessness. The trust fund supports developments that are designed to help people at or below 60 percent of the area median income. The funding is allocated with an immediate preference to support people at or below 30 percent of the area median income. Created by the National Affordable Housing Act of 1990, the program provides funding for several types of affordable housing production and rehabilitation. The program is the largest federal block grant program designed exclusively to create affordable housing for low-income households. The immediate result of the program is a wider and more affordable housing market in Kentucky, as well as the rehabilitation of several housing communities in the state.

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