Community Ventures Rural Homeownership Assistance Program (RHAP)

Community Ventures Rural Homeownership Assistance Program (RHAP) is a repayable second loan for homebuyers in Kentucky, administered by Community Ventures (Community Ventures Corporation), a Kentucky CDFI nonprofit. A down payment and closing cost assistance program operated by Community Ventures, a Lexington-based CDFI, funded by a $1.5 million award from the U.S. Treasury CDFI Fund. It provides low-interest, long-term loans for down payment or closing cost assistance to Kentuckians purchasing homes in rural counties, helping borrowers obtain attractive mortgage financing without paying extra for private mortgage insurance in many cases. The home must be in a county defined as rural by the CDFI Fund. Down payment assistance. Closing cost assistance. Low-interest long-term loan. May avoid PMI. Funding comes from U.S. Department of the Treasury Community Development Financial Institutions (CDFI) Fund ($1.5 million award).

Community Ventures Rural Homeownership Assistance Program (RHAP) is a repayable second loan and is repaid under the terms set by Community Ventures (Community Ventures Corporation), a Kentucky CDFI nonprofit. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Community Ventures Rural Homeownership Assistance Program (RHAP) is open to homebuyers who will live in the home as their primary residence. Residency requirement: Home must be located in a CDFI-defined rural Kentucky county.

Community Ventures Rural Homeownership Assistance Program (RHAP) limits household income to 80% of the area median income, which varies by county and household size. Household income must not exceed 80% of area median income in rural counties, or 120% of AMI in areas of economic distress. Home must be in a county defined as rural by the CDFI Fund. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Community Ventures Rural Homeownership Assistance Program (RHAP) can be used for Single Family.

Community Ventures Rural Homeownership Assistance Program (RHAP) serves homebuyers purchasing anywhere in Kentucky. The program targets specific areas: CDFI-defined rural Kentucky counties; up to 120% AMI in areas of economic distress.

Applications for Community Ventures Rural Homeownership Assistance Program (RHAP) go through Community Ventures (Community Ventures Corporation), a Kentucky CDFI nonprofit, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply directly through Community Ventures; contact Josh Smith. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.