NEWPORT, Ky. (Feb. 3, 2012) – Governor Steve Beshear on Friday joined local leaders to announce funding for a new development project that addresses housing revitalization needs for the city of Newport.
The $1 million Community Development Block Grant (CDBG) will go toward the construction of 10 new housing units for low to moderate income families.
“Owning a house is part of the American dream, yet due to recent economic hardships and the catastrophic housing crisis, many people have found that dream to be unattainable,” Beshear said. “In Kentucky, we want to reassure families that owning a house is no longer out of reach and the funding for this development project is a positive step in that direction.”
The new housing units will be constructed on vacant lots currently owned by the Newport Millennium Housing Corporation (NMHC). Households eligible to obtain the new units will be selected from a pool of individuals that have graduated from an approved homeownership training program. Households receiving assistance will be required to maintain the purchased home as their primary place of residence and must keep the purchased home in compliance with local applicable housing and building codes.
Newport has a high demand for affordable housing. Only 44 percent of the city’s residents are homeowners compared to the Kentucky statewide average of 71 percent.
“The city of Newport has made great strides in transforming old blighted neighborhoods by constructing safe, affordable, energy efficient and aesthetically pleasing housing that has attracted folks back into the historic urban areas resulting in a revitalization of the entire community,” said Department for Local Government (DLG) Commissioner Tony Wilder.
“The 10 new housing units will add diversity to our community and improve Newport’s quality of life as more people will be able to call Newport home,” said Sen. Katie Stine, of Southgate.
“We are grateful for this block grant as it will bring us closer to achieving our goals of providing better housing, safer neighborhoods, and stronger communities for families and seniors in Newport,” said Rep. Dennis Keene, of Wilder. “These funds help leverage our local resources for faster results.”
“This is a great program that supports Newport’s goal to increase home ownership and help our residents live out the American dream,” said Newport Mayor Jerry Peluso.
The state’s CDBG program is administered by DLG and funded through the U.S. Department of Housing and Urban Development (HUD). Kentucky’s Congressional leaders’ continued support of the CDBG program ensures the availability of continued funding in Kentucky and nationally.
The NMHC is a non-profit development division of the Housing Authority of Newport (HAN).