Gov. Steve Beshear announced $2.6 million in Neighborhood Stabilization Program grants on Wednesday to renovate blighted Lexington properties.
The abandoned properties will be renovated or replaced and then sold to deserving families, allowing many to become homeowners for the first time, Beshear said.
The money will be split between the Lexington Fayette Urban County Government and REACH (Resources, Education and Assistance for Community Housing). The city will use its money to buy 27 foreclosed and abandoned houses, restore and sell them. Some run-down properties will be razed and the land used for new houses.
With its money, REACH will buy and rehabilitate five foreclosed houses in neighborhoods with the highest rate of foreclosed properties. The non-profit housing agency will provide education in how to qualify for a mortgage for first-time home buyers.
The two groups will also join forces to buy five abandoned houses in the 400 block of Georgetown Street, which will be razed and replaced with three new houses.