LOUISVILLE, Ky. — One group is trying to reverse what they say are years of discriminatory loan practices.
It's called the Revert Program. The Louisville Affordable Housing Trust said it will put an end to redlining.
The term Redlining comes from the 1930s when lenders drew red lines on maps to mark areas to avoid. Redlining is the practice of denying home loans to people in certain areas based on race or perceived risk.
City leaders and the Louisville Affordable Housing Trust Fund announced the new initiative.
"It's an urgent need to create a safer city, a stronger city, and a healthier city," Mayor Craig Greenberg said.
Executive Director Christie McCravy said redlining contributed to inequality across the country and west Louisville.
Thanks to an idea from Councilwoman Kiesha Dorsey and several other councilmembers, millions in American Rescue Plan funds will now go towards residents impacted by redlining.
About 200 families looking to buy a home in a previously redlined area will be awarded up to $50,000 to renovate it.
The remaining funds will then be used to document, market and implement the Revert Program.
"It is the statement to this community that not only do we understand there were wrongs that were done. But we're willing to make the investments to fix it,” Dorsey said.
Dorsey said the program will also ensure credit and home ownership readiness to break barriers to home ownership
"Because when we begin to lift up the lowest of this community, we all rise," she said.
Eligible families can start applying for the program in May.
For more information on eligibility or how to apply, click here.
Make it easy to keep up-to-date with more stories like this. Download the WHAS11 News app now. For Apple or Android users.
Have a news tip? Email assign@whas11.com, visit our Facebook page or Twitter feed.