Bill > SB142

This bill establishes the "abandoned home pool fund," administered by the Kentucky Housing Corporation, to address vacant and abandoned properties by providing funding for their rehabilitation and subsequent rental to eligible individuals or families who meet specific income and homeownership counseling requirements. The fund will be financed through state appropriations, including a $25 million allocation from the General Fund for fiscal year 2026-2027, as well as a new $2 fee added to county clerk recording fees for certain documents, such as deeds and mortgages, with these fees to be remitted to the fund. The bill defines key terms like "eligible entity," "eligible property," and "eligible renter," and outlines eligible activities for funding, which include acquiring and rehabilitating properties, making major repairs, and providing administrative support for housing programs. Properties rehabilitated with these funds will be deed-restricted for at least 20 years to ensure they remain affordable for eligible renters, and renters who make 240 monthly payments will have the opportunity to transfer ownership. The bill also includes provisions for an emergency declaration, making its provisions effective on July 1, 2026.

https://apps.legislature.ky.gov/record/26RS/sb142.html