LOUISVILLE, Ky. — Interested homeowners walked the gym of Jefferson County Public School's Ernest Camp Edwards Education Complex in Smoketown on Tuesday, going from table to table, talking to businesses and organizations participating in the REVERT Housing Fair.
The event was meant to support and provide resources to families affected by redlining through the Redlining Mitigation Program. Redlining is a practice where mortgage companies once historically flagged African American neighborhoods.
People had the chance to speak with real estate agents, credit repair counselors, contractors, and the REVERT team and learn how to become a future homeowner. REVERT and the Redlining Mitigation Program are both part of the Louisville Affordable Housing Trust Fund (LAHTF).
"I've really learned a whole lot from different people, talking to different banks and different realtors" said hopeful homeowner, Fredrick Stone.
He's rented a home near Chickasaw Park for 10 years and now has the opportunity to purchase it.
"It's a good area," said Stone. "I love where I live."
Stone said he gets along well with his neighbors and spoke highly about the park.
"They just spent over a million dollars in the park redoing it," said Stone. "As far as the lake, the structure of the land and everything, they really have done a wonderful job."
He plans to apply for the Redlining Mitigation Program, which gives up to $50,000 to new homeowners to improve and restore their properties.
Leaders in the program believe the funding makes a difference in an issue still seen to this day.
"You can see the different neighborhoods and the appraisal of one home that crosses over from another street and you can see the difference in the appraisal amount," Richard Ballard, the program director of LAHTF's REVERT program, said. "And those appraisal amounts affect the generational wealth."
African American communities, especially in Smoketown, face financial burdens when it comes to homeownership.
Nachand Trabue, the executive director of the Bates Community Development Corporation, said most in the community see it as easier to just rent properties.
"We need more ownership here for a community that has been invested for us," said Trabue. "It's very important that you have ownership because then homeownership could turn into generational wealth. You could pass down your homes to your families."
Stone said he plans to pass his home filled with years of family memories down to his daughters and four grandchildren.
LAHTF is accepting applications for the Redlining Mitigation Program, with a goal to help 216 new homeowners. Applications can be filled out by following this link. To qualify, the home has to be located in a previously redlined area.
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