New Program Aims to Restore Historic Neighborhood
By WestKyStar Staff
PADUCAH, KY - A new program designed to give moderate-income families a chance at owning their own home is being implemented in Paducah. The City announced that seven new homes that will be constructed in the Fountain Avenue Neighborhood.
Fountain Avenue covers 20 blocks and consists of 250 structures built mainly in the early 1900's. In recent years, many of them were abandoned and had fallen into disrepair.
In 2007, the city of Paducah set out to change that by restoring and rebuilding those houses using state grants and local tax dollars. A 2010 grant provided for the construction of six new homes and the rehabilitation of three existing ones.
Thanks to another $309,000 state grant, the homes will soon be built and moderate-income families may apply for a 10 percent five-year forgiveable loan. The grant funds and a match by the City will help buy down the construction cost for seven new single-family homes for low to moderate-income families. The remaining cost to construct the homes would be passed along to the new homeowners. An estimate is that a $120,000 home would cost less than $70,000 for a qualified homeowner.
Before construction begins on each home, the City is required to have a pre-qualified buyer, and there are income limits to qualify for these homes. For example, a family of four is allowed a maximum income of $45,850. If you're interested in buying a home in the Fountain Avenue neighborhood, call the Paducah Planning Department at (270) 444-8690.