Governor Ceremonially Signs Bill Allowing Kentucky Housing Corporation to Further Assist Families with Affordable, Quality Housing

BEREA, Ky. – September 2, 2014 – (RealEstateRama) — Governor Steve Beshear today joined Rep. Rita Smart, of Richmond, and Kentucky Housing Corporation’s (KHC) Executive Director Kathryn Peters to ceremonially sign new legislation enabling KHC to expand its lines of business, with the goal of ultimately helping more families obtain quality, affordable housing in the Commonwealth.

“This legislation enables the state’s housing finance agency to generate more revenue through its expertise,” Gov. Beshear said. “This, in turn, will allow the agency to provide affordable, quality housing to build strong communities and a strong quality of life throughout the Commonwealth.”

House Bill 175, sponsored by Rep. Smart, empowers KHC to provide services in other states, generating additional funding for housing programs. The ceremony was held at Silver Creek Apartments in Berea, a location that highlights KHC’s mission.

“This is a ‘win-win’ for Kentucky,” said Rep. Smart. “Not only will the Kentucky Housing Corporation be able to build new and lucrative relationships with partners outside our borders but, even more importantly, it will help strengthen the organization’s ability to help families here in Kentucky fulfill the dream of homeownership. I thank Gov. Beshear for signing this important legislation and thank all the folks who worked so hard making it possible.”

The measure allows KHC to service mortgage loans, administer federal or state program contracts, and perform other housing activities to facilitate the delivery or preservation of affordable housing for lenders, holders, housing finance agencies or other third party entities, who are located within or without the boundaries of the Commonwealth.

“This bill will help KHC fulfill its mission of investing in quality housing solutions for families and communities across Kentucky,” Peters said.

KHC was created by the General Assembly and is a self-supporting, public corporation of the Commonwealth of Kentucky. It is administratively attached to the Finance and Administration Cabinet.

“The difficult economy, particularly its effects with the housing market, has had a substantial impact on KHC’s resources and income, though the Corporation has remained solvent,” Peters said. “Because KHC is self-sustaining, the ability to work outside of the Commonwealth will strengthen the Corporation financially, which will result in more resources and opportunities to help Kentucky families have a place to call home.”

For more information about KHC’s programs, please visit www.kyhousing.org.