Homebuyer Assistance Program

The City of Florence proudly participates in the Northern Kentucky Homebuyer Assistance Program, a federally funded initiative aimed at increasing homeownership in Florence and other cities within the Northern Kentucky HOME Consortium, including Bellevue, Ludlow, Erlanger, and Newport.

Managed and funded by the City of Covington, this program offers eligible households the opportunity to obtain zero-interest, deferred/forgivable loans to assist with purchasing owner-occupied homes. These loans can cover lender-required down payments, customary closing costs, and settlement charges. Borrowers will be exempt from repaying the loan if they occupy the purchased property as their primary residence for a continuous period of five years from the purchase date.

Key Program Details:

  1. Targeted Funding: The program is available for home purchases in Florence, Erlanger, Dayton, Bellevue, Ludlow, and Newport.
  2. Income Threshold: To be eligible, gross annual household income must not exceed 80 percent of the Area Median.
  3. Income, which stands at $56,650 for a single person and $80,900 for a four-person household. Additionally, borrowers must attend a HUD-approved homebuyer education course.
  4. Types of Properties: All properties must be one or two units, either owner-occupied or vacant, and meet minimum housing standards.
  5. Loan Amount: Qualified applicants may receive assistance up to $10,000 to cover the lender-required down payment and customary settlement charges.
  6. Interest Rate and Loan Term: The loan carries a 0 percent interest rate with a five-year term.
  7. Monthly Payments and Forgiveness: The loan will be forgiven if the borrower occupies the property for a continuous five-year period after purchase. However, any remaining loan balance will be recaptured upon the sale, transfer, or vacation of the property.

This program presents a fantastic opportunity for eligible residents to achieve their dream of homeownership. If you meet the criteria outlined above and wish to explore this program further, please don’t hesitate to reach out for more information.

We look forward to assisting you in your journey towards homeownership. For detailed program and contact information, please visit:

Click Here


Para EspaƱol