GAP Program
The Purchase Area Development District has limited funding for new homes under a program called GAP. The GAP is funded through the US Department of Housing and Urban Development and the Kentucky Housing Corporation. Applicants must meet income eligibility requirements (80% of Area Median Income). Potential homeowners must be creditworthy in order to obtain a mortgage through a local lender. Some of the items GAP financing includes are:
Homebuyer Programs
New construction or acquisition/rehabilitation/resale that involves one or more of the following activities:
- Site development
- Land acquisition
- Construction financing
- Rehabilitation and resale
- Permanent financing, when combined with new construction or acquisition/ rehabilitation/resale activity
Homeowner Rehabilitation Programs
Owner-occupied rehabilitation that involves one or more of the following activities:
- Moderate Rehabilitation – rehabilitation costs between $10,000 to $25,000 per unit
- Substantial Rehabilitation – rehabilitation cost over $25,000 per unit
- Demolition and Rebuild
The GAP Guidelines can be downloaded here.
The applicaiton for GAP financing can be downloaded here.