City officials gathered at a newly constructed home on Jackson Street Thursday for an open house of the City’s latest build of the first-time home buyers program.
The City utilized HOME Investment Partnership program grants through the U.S. Department of Housing and Urban Development for the project, which was a partnership with the nonprofit Owensboro Area Affordable Housing Solutions.
According to City of Owensboro Community Development Director Abby Shelton, 15 percent of the City’s HOME Investment Partnership Program funds must be set aside for a Community Housing Development Organization (CHDO), a special type of nonprofit that focuses on affordable housing. The Housing Authority of Owensboro created the Owensboro Area Affordable Housing Solutions nonprofit to help serve as one of these CHDOs. This means that the City was able to utilize that extra funding for the Jackson Street home.
A low-income single mother was identified through the City’s first time home buyers program and she is expected to close on the home in the next couple of months.
Shelton said projects like this only happen once a year due to funding restraints. The Jackson Street home was appraised at $100,000. The home was built for $182,000 and will be sold for $80,000.
“It’s a hugely subsidized cost for the buyer,” Shelton said.
Habitat for Humanity’s latest build is just across the street from the City’s build, which Shelton said is helping to transform the neighborhood.
“I think we are going to put a good mix of housing units on the street, not only to change the landscape, but to change the makeup,” Shelton said. “As I have seen over the last eight months, this street has taken ownership of their property and cleaned it up and made it look nice.”
