FRANKFORT, KY.—Kentucky Housing Corporation (KHC) has announced a new, statewide loan option to assist eligible military families and non-active duty veterans achieve the dream of homeownership for first-time homebuyers.
“Military families make many sacrifices to protect our country, said Edwin King, executive director of KHC. “We have $3 million available that will help our Kentucky military families achieve quality, affordable housing, so they can provide stability and protection for their families with better economic outcomes.”
Operation KY Home is the name of the mortgage program offered through KHC, which serves as the state’s housing finance agency that provides affordable housing solutions to low- and moderate-income Kentuckians. For those who meet program qualifications, they have the opportunity to get a 2 percent fixed-rate mortgage for the life of the 30-year loan term. This special funding program is available on a first-come, first-served basis, with reservations beginning September 6, 2017. KHC works with a network of lending partners to originate loans, which are then serviced by KHC.
“Kentucky is providing every possible opportunity to give back to our military and veteran families,” said Governor Bevin. “Operation KY Home is a great program, providing our military service members with the solutions to affordable home ownership. We are honored to help give these brave men and women the domestic security they seek for their families. America owes a debt of gratitude to these selfless men and women who can never fully be repaid, but Kentucky will certainly do everything in our power to try.”
About Kentucky Housing Corporation:
As Kentucky’s housing finance agency, Kentucky Housing Corporation (KHC) offers programs designed to create, preserve, and sustain affordable housing. In partnership with state and federal agencies, KHC administers programs that assist low- and moderate-income households with affordable home loans and down payment assistance, affordable rental homes, housing solutions for homeless, and specialized housing with supportive services.
Created by the General Assembly in 1972, KHC is a self-supporting, public corporation of the Commonwealth of Kentucky. KHC is a quasi-governmental agency, which is administratively attached to the Finance and Administration Cabinet, and a portion of KHC's funds are derived from the interest earned through the sale of tax-exempt mortgage revenue bonds. From these proceeds, KHC has made homeownership possible for more than 94,000 Kentucky families.
KHC also receives fee income for administering federal programs, including rental assistance that makes quality housing available to more than 27,500 low-income Kentuckians. Other programs offered by KHC include rental housing financing for development and preservation, rental assistance, homelessness assistance, homeownership pre-purchase education/counseling, home energy and repair initiatives, as well as loan servicing of its mortgage loans. KHC works with many partners across the state to invest in and create affordable housing opportunities.
This year, KHC is celebrating 45 years of financing the American dream, 1972-2017. www.kyhousing.org.