BY JONATHON GREGG KENTUCKY
PUBLISHED 7:19 PM ET APR. 24, 2023
LOUISVILLE, Ky. — The Louisville Affordable Housing Trust Fund is dedicating $12 million to combat the effects of redlining in the city.
What You Need To Know
- Louisville Affordable Housing Trust Fund is dedicating $12 mil toward housing loans in redlined neighborhoods
- A program called REVERT will help interested home owners rehabilitate, demolish or build new homes in historically redlined neighborhoods
- The program will giver up to $50,000 in forgiveable loans for applicants who meet the requirements. The loan can be forgiven after 15 years of owner occupancy
- Qualifying neighborhoods include Russel, Portland, California, Park Duvalle, Limerick, Smoketown, Shelby Park and others
It’s called the REVERT program. It stands for “Restoring Each Viable Economically Redlined Territory.”
Millions of dollars have been raised through federal grant money and matching gifts to target current and future homeowners in historically redlined areas of the city.
“This intentional practice contributed to the racial segregation and inequality that shaped the way America looks today,” Christie McCravy explained Monday during a press conference. McCravy is the Executive Director of the Louisville Affordable Housing Trust Fund.
The REVERT program will provide 200 families up to $50,000 each to help rehabilitate blighted properties, demolish structures and build homes. “$10 million will be used to offer eligible families who purchase a property in a previously redlined area up to $50,000 each to renovate and or upgrade that property,” McCravy explained
The REVERT funds are forgivable if the applicant is an owner-occupant for at least 15 years, showing the vested interest in having long term residency of those who apply.
Louisville Mayor Craig Greenberg (D) spoke during Monday’s event at the Louisville Central Community Center on Muhammad Ali Blvd. “Redlining has meant that generations of people, particularly Black people here in Louisville and around the country, worked hard their entire lives and but still struggled needlessly and unfairly,” Greenberg said.
Money used for home rehab or construction must follow REVERT guidelines and families must meet certain income guidelines to take part.
“The tide has changed and there is a convergence on investment. We want to seize the moment. We want to be engaged. We want to empower everybody, especially our young people, to take this baton that’s being handed and run with it,” said Kevin Fields, president of Louisville Central Community Center.
Qualifying neighborhoods include Russell, Portland, California, Park Duvalle, Limerick, Smoketown, Shelby Park and others. Applicants can make up to 300% above the federal poverty line to qualify for the REVERT program.