Monday, June 12, 2000
Program helps low-income families buy homes
By Kristina Goetz
The Cincinnati Enquirer
WALTON — Carrie Covington has been paying rent for seven years, but by the end of the month, this single mother and her three daughters will have a home of their own.
They are one of 15 families participating in a program that helps low-income families become homeowners. Home Properties of Boone County Inc., a non-profit organization, is working to build a small community of homes in Walton.
“This is the largest project that we've done since our inception in 1992,” said Kitty Flaig, chief executive officer of Home Properties. “In this day and age, it's impossible for people work ing usual jobs when it comes to buying a house. They're out of the market.”
Ms. Flaig met the Covington family Sunday as they all toured the new house, which will be finished in a few weeks. Brianna Sanders, 5, and Kylie Sanders, 3, chased each other around the unfinished kitchen and played house. Brittany Sanders, 7, claimed her own bedroom.
“I got a new bed,” she said proudly, “but I don't get a TV.”
It wasn't the mortgage payments Ms. Covington was worried about. Doing data entry at Fidelity Investments and raising three children by herself made it hard to save for a down payment.
“I was thinking I'd find a rich man, but that hasn't happened,” she joked. “But no, I'd rather get it on my own.”
Home Properties received a grant of $280,000 from the Kentucky Housing Corp. and partnered with FirStar Bank, who helped bring in $790,000 for the mortgages from Federal Home Loan Bank. To top that off, USDA Rural Development pitched in $240,000.
The program allows the homeowner to pay back the cost of the $79,000-homes in 30 years. The deal also includes closing costs, the down payment and the first year of homeowner's insurance.
Ms. Covington said she's a Ms. Fix-It, so she's not too worried about home repairs. She is excited about having more room for her girls and a yard for them to play in.
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