Millions being raised for loans to West Louisville homebuyers
LOUISVILLE, Ky. (WAVE) - Fundraising is underway to provide loans to dozens of potential West Louisville homeowners.
The Rotary Club of Louisville called it a first-of-its-kind program in the U.S.
The plan is to raise money to give loans to families who want to buy a home in parts of West Louisville that were once redlined. Loans will be administered by the Park Community Credit Union.
“People perceive this to be risky,” David Shadburne, Park Community Credit Union Executive Vice President said. “We get so used to having this cookie-cutter approach, you have to fit certain boxes to do anything. And that’s the way the home loan process typically goes as well. So you have to think outside the box and truly assess what the risk is. And that’s what we’re trying to do with this particular program.”
Right now, the loan program needs money. On Monday, Kim Halbauer, the regional president of Fifth Third Bank challenged every other bank in the state to contribute.
“Invest in this program that’s going to allow us to change opportunities and lives of people in the west end of Louisville,” Halbauer said. “There is room for all of us. So I’ll challenge all the banks located here in Kentucky, in Louisville today. Make a difference, step up, invest in the loan fund along with us.”
So far, $1.2 million has been raised toward a goal of $5 million.
Applications are being accepted.
Copyright 2022 WAVE. All rights reserved.