Kentucky Receives Stimulus Funds to Help Struggling Homeowners

by Tony McVeigh on April 18, 2011

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.

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