Covington puts once abandoned homes back on the market - wave3.com-Louisville News, Weather & Sports

Covington puts newly renovated homes on the market

COVINGTON, KY (FOX19) -

The City of Covington and the development partners are selling some newly renovated homes that were once abandoned.

With the help of the Community Development Block Grant program, Covington has been able to buy old, deteriorated homes, and after six to eight months of renovations, put the property on the market.

Community Development Specialist Adam Rockel with the Center for Great Neighborhoods describes the homes as historic, but says they are equipped with a lot of modern conveniences.

"We work really hard to design the houses in such a way that they're very attractive to the buyer," said Rockel.

Rockel says the clean up is the city's effort to revitalize neighborhoods.

"Sometimes they're foreclosure. Sometimes they've just been tangled up in a messy network of ownership, and work through that and acquire them and rehab them and then we sell them to homeowners," he explained.

Victor Imperi and his wife Cole moved into their rehabbed home three months ago.

"It's a lot even better than we expected it to be. I mean the house we knew was great, but living in the neighborhood has been even better than we thought," Imperi told FOX19.

Covington Home Program Coordinator Jeremy Wallace says the Imperis were also able to take advantage of some financial incentives which made the deal even more attractive.

"When a buyer comes they obtain mortgages based on a formula of what they can afford, and then the city can do secondary financing to fill the gap between that and what the house sells for," explained Wallace.

"I've been living here for 23 years around this area and to be honest with you it's growing. The homes are looking beautiful and that's what we're looking forward to," said Covington resident and business owner Allen Massy.

In neighborhoods where homes have been rehabbed, Rockel says nearby residents often times begin fixing up their own homes which further enhances the property value in their community. 

Many of the homes are being rehabbed with the help of a $5 million neighborhood stabilization grant in addition to other federal funding.

Copyright 2013 WXIX. All rights reserved.

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