HUD Archives: RURAL HOUSING AND ECONOMIC DEVELOPMENT FY2000 GRANTS

RURAL HOUSING AND ECONOMIC DEVELOPMENT FY2000 GRANTS

PROJECT SUMMARY

Kentucky

Federation of Appalachian Housing Enterprises, (FAHE) in Berea will receive a Rural Housing and Economic Development grant in the amount of $502,425. This innovative activities grant will assist the Organization in its use of its Revolving Home Loan Funds, and to enhance their homeownership counseling partnerships in a four-state Appalachian service region. The primary objective will be to use equity investments from the RHED in FAHE's revolving loan funds in Tennessee, Virginia, and West Virginia. These funds will be a strong negotiating tool for restoring and expanding state and federal support of rural low income homeownership programs. Also to provide post-home-ownership counseling. With this in place, FAHE proposes to finance decent, affordable housing for more than 15 additional low income families and will strengthen their relationship with state housing finance agencies to ensure success in homeownership for their borrowers. Partners and supporters in this project will be, Claude Worthington Foundation, The F. B. Heron Foundation, The Virginia Housing Development Agency, VA Department of Housing and Community Development, Community Works of WV, and other organizations and lending institutions. Leveraging for this project is $1,706,338.

Contact Person: Jeni Hosfeld

Grantee Address: P. O. Box 908

Telephone Number: (606) 986-2321 ext. 137

Federation of Appalachian Housing Enterprises, (FAHE) will also receive a Rural Housing and Economic Development grant in the amount of $150,000. This capacity building grant will enable the organization to enhance their current software capability, to meet the growing underwriting and servicing needs of their member groups and to improve their technical assistance activities which would provide better service to the Appalachian region. FAHE has a service area that includes one Empowerment Zone (The Kentucky Highlands) and five enterprise communities (Scott/McCreary Co., Clinch Powell Resource Conservation and Development Council, Kanawha County Commission, McDowell County Enterprise Community, and Central Appalachia Enterprise Community). This non-profit organization assist local non-profits in their efforts to provide decent, affordable housing to low income Appalachians. Their member groups service over 80 Appalachian counties in Kentucky, Tennessee, Virginia and West Virginia. Partnered with this FAHE are Kentucky Housing Corporation, Public Welfare Foundation, Claude Worthington Foundation as well as a host of other businesses. In-kind and cash leverage total $155,743 for this project.

Contact Person: Jeni Hosfeld

Grantee Address: P. O. Box 908, Berea, KY 40403

Telephone Number: (606) 986-2321

Community Ventures Corporation, Inc., (CVC) in Lexington will receive a Rural Housing and Economic Development grant in the amount of $100,000. This capacity building grant will assist the organization in hiring two Rural Housing Development Specialist to work with rural families and individuals in attaining homeownership through CVC's Lease to Purchase First Mortgage and Downpayment and Closing Cost program. It is anticipated that this grant will be a linchpin in funding a small but still critical gap in resources needed to effectively carry out the organization's mission "to help low income families successfully attain homeownership." By expanding their staffing needs, CVC is seeking to locate their specialist in its Lexington and Taylor County offices to deliver its homeownership products to 16 rural counties in northern and central Kentucky. Partners in this proposal are Kentucky Housing Corporation, Federal Home Loan Bank, Firstar Bank and Republic Bank. Leveraging resources total $69,680 for this project.

Contact Person: Kevin Smith

Grantee Address: 1450 North Broadway, Lexington, KY 40505

Telephone Number: (606) 231-0054

Frontier Housing, Inc., in Morehead will receive a Rural Housing and Economic Development Grant in the amount of $100,000. This capacity building grant will be used to expand production of quality, affordable housing for low-income families through additions to its existing staff and physical facility. New computer technology as well as training and counseling services will be some of the uses for these funds. The seven county area that Frontier services is classified as distressed by the Appalachia Regional Commission. Frontier's goal is to produce 30 new single family homes this year. To achieve this, they will expand staff to respond to the growing needs of their service area. Partners in this venture are Kentucky Housing Corporation, Sarah's Place Women's Resource Center, Inc., Will Lender & Associates, Federal, State and local officials. Proposed leveraging and in-kind resources total $200,246 for this project.

Contact Person: Stacey Epperson

Grantee Address: 42 Cady Drive, Morehead, KY 40351

Telephone Number: (606) 784-6362