Building Innovation for Homeownership
Award Winners: Kentucky

PROJECT: FBC Rent-to-Own, Louisville, Kentucky

SUBMITTER: Scott Brian, FBC, Inc., Louisville, Kentucky

PROJECT DESCRIPTION: Seeking to build 50 houses on scattered sites around Louisvilles inner city, the Rent-to-Own program helps prospective buyers to get a leg up on homeownership. The homes are available for $60,000, which is .41 of the median price for new construction. The homes are constructed of structural insulated panels (SIPs) which cuts erection time by approximately 50% and boosts energy performance. The panels are made by a local company, which is also acting as developer The city has assisted the developer in assembling the sites. The Rent-to-Own program is available to prospective buyers who need time to get their credit history in order. Under the program, they can rent the unit for two years, with a portion of their rent going to a down-payment on the house. Along with the Rent-to-Own option, a local real estate company is offering credit counseling to help families to budget their income and maintain their units. The county government has also made a homeownership counseling program available to this development.

PROJECT PARTICIPANTS: FBC, Inc., Fred Fischer, president, J. Scott Brian, vice president, Steve Powell, construction manager; David Fleuscgaker, Realtor; Great Financial Bank, Bob Horton, senior vice president; ID Designs, Igor Didkovsky, designer; City of Louisville HUD, Robert Brown, administrator; City of Louisville, Jim Allen, director of HUD.