Kentucky Receives Stimulus Funds to Help Struggling Homeowners

Financial help is available for unemployed Kentuckians having difficulty meeting their mortgages.

Kentucky is one of 18 states receiving federal stimulus money from the U.S. Treasury’s Hardest Hit Fund. Kentucky’s share is $149 million dollars. Richard McQuady of the Kentucky Housing Corporation says homeowners can receive up to $20,000 or 12 months of assistance, whichever occurs first.

“They only have to repay it when they sell their home – if they sell their home within five years. If they don’t sell their home within five years, they continue living in that residence, then they do not have to pay anything back. If they sell the home within five years and there is enough money to repay the loan from the sale, then they do have to repay the loan,” he says.

McQuady says homeowners must meet strict guidelines in order to receive assistance from the Kentucky Unemployment Bridge Program, which expires in five years. Indiana, Ohio and Tennessee have similar programs.

Published by Tony McVeigh

Veteran broadcast journalist Tony McVeigh has been covering Kentucky politics since 1986, reporting for Clear Channel Communications before joining Kentucky Public Radio in 2004. His stories are aired by seven KPR affiliates, whose signals blanket the Commonwealth and parts of surrounding states. McVeigh began his broadcasting career at WRFC in Athens, Georgia, while earning a Bachelor of Arts in Journalism from the University of Georgia. He has extensive anchor/reporter experience, including stints with South Carolina Network and Georgia Radio News Service in Atlanta. In 2007 and 2008, McVeigh was named Best Radio Reporter in the Kentucky Associated Press Awards. He also picked up consecutive AP Awards for Best Political Coverage. McVeigh won four Kentucky AP Awards in 2009, six in 2010 - including Best Political Coverage and Best Hard News Feature - and three in 2011. His coverage of the 2007 Kentucky governor's race topped the Political Reporting category of the Society of Professional Journalists Green Eyeshade Awards of 2008. In 2009, McVeigh placed second in Courts and Law Reporting in the Atlanta-based competition for journalists in 11 Southern states. McVeigh is also the proud recipient of an Individual Liberty Award from the Kentucky Association of Criminal Defense Lawyers. The Brunswick, Georgia, native is a die-hard UGA football fan who enjoys photography, astronomy, live music, hiking Kentucky's Red River Gorge and exploring the state's beautiful back roads. McVeigh and his big, fat, black cat Simon, reside in Frankfort, KY.