Neighborhood Foundations Awarded One Million Dollar Grant
Grant will support Newport's successful homeownership program

NEWPORT, KY, July 15, 2009 /24-7PressRelease/ -- Neighborhood Foundations, formerly known as the Housing Authority of Newport, was awarded a one million dollar grant from the Kentucky Department of Local Government to continue their successful homeownership program. The City of Newport will partner with Neighborhood Foundations as the sponsor for the Community Development Block Grant.

The grant will be used to continue the revitalization efforts on the 900 block of Hamlet Street in Newport. There are currently three rehabbed houses on the market. The grant money will go toward expanding the Hamlet Street revitalization to include up to nine additional homes for sale, as well as assist in the availability of soft second mortgages for qualified buyers.

"We are very appreciative of this grant," Joe Condit, Executive Director of Neighborhood Foundations said. "We've been receiving a lot of recognition for the success of our homeownership program, and we're glad that the Department of Local Government thought highly enough of our program to award us such a significant grant. We are ready to start the rehab process and continue revitalizing the neighborhood."

Buyers of these homes must meet certain income requirements and pass a stringent set of qualifications. With the help of soft second mortgages provided through Neighborhood Foundations, residents completely own the home after just eight years. Neighbors of the properties agree that the program is changing the face of the city, and Neighborhood Foundations' work in Newport was named a top Hope VI program in the nation.

For more information about the homes for sale, contact Neighborhood Foundations at 859-581-2533.

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Marisa Minor
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