New homeowner loan program offers forgivable mortgages for home improvement

By Rachel Nix, Building Kentucky

Photo courtesy of Stock Yards Bank

Stock Yards Bank & Trust has partnered with Louisville Affordable Housing Trust Fund to help homeowners pay for needed repairs and replacements at home. The new Stock Yards Bank Home Improvement Grant offers forgivable mortgages to those with low-moderate income to make home repairs including replacing HVAC systems, doors, windows, roofing, siding or gutters in addition to other energy efficiency upgrades, accessibility improvements and safety repairs.

“Our community benefits when all people have a safe place to live and call home,” said James A. (Ja) Hillebrand, Stock Yards Bank chairman and CEO. “Stock Yards Bank wants to help our fellow Louisvillians maintain housing stability by funding improvements that may have otherwise been out of reach.”

Louisville Affordable Housing Trust Fund will screen applicants and Stock Yards Bank will review the applications.

A pool of $70,000 is available and loans will be forgiven over a three-year period. Some limitations apply for eligible uses of the loans, including the following:

  • Borrowers’ income must be certified and deemed eligible under HUD income
  • Area median income (AMI) limits 80% or below or, borrowers must reside in a low-to-moderate income (LMI) census tract
  • Beneficiaries must be the owner-occupants

Stock Yards Bank empowers its team members to make meaningful impacts in the communities they serve. Stock Yards Bank assistant director of operations Aprel Doherty is proud to serve on the board of the Louisville Affordable Housing Trust Fund as a voice for the banking community. Her work helps open the door to opportunity in Louisville communities through affordable housing solutions like the Stock Yards Bank Home Improvement Grant program.

“It’s important for community banks to be good neighbors and leaders,” said Laurent Houekpon, Stock Yards Bank Director of Community Engagement and Outreach. “Stock Yards Bank is working to demonstrate how companies can improve housing stability, make a difference and build safer neighborhoods through a range of community programs and partnerships.”

To find out if you are eligible for one of the loans of up to $6,000, visit loutrustfund.org or call 502-637-5372.

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