Bill > HB271

This bill establishes the "abandoned home pool fund," a revolving account administered by the Kentucky Housing Corporation (KHC) to address vacant and abandoned homes. The fund, which can receive state appropriations, gifts, grants, and federal funds, will be used to purchase and improve these properties. Eligible entities for funding include units of local government and local government housing authorities. These purchased and improved homes will be deed-restricted for at least 20 years, with KHC having the first right to repurchase them. The bill prioritizes areas with fewer than 25% of existing homes being vacant or abandoned. Once a home is purchased and improved, it will be rented to individuals or families earning 80% or less of the area median income. The rent will be the lesser of a calculated payment plan based on the total cost of purchase and improvement over 180 months (with a maximum 3% interest) or 30% of the tenant's income. After 180 monthly payments, the title to the property will be transferred to the tenant. If a tenant leaves or is evicted, they will receive a percentage of their rent payments back, increasing with the number of payments made. The bill also outlines procedures for eviction and requires KHC to publicly announce fund availability, process applications within 90 days, and approve them competitively. Finally, it prohibits discrimination in the sale or rental of these housing units.

Government Affairs

https://apps.legislature.ky.gov/record/26RS/hb271.html