Community Ventures Rural Homeownership Assistance Program (RHAP)

What is 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.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from U.S. Department of the Treasury Community Development Financial Institutions (CDFI) Fund ($1.5 million award).

Do you have to pay it back?

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.

Who qualifies?

Community Ventures Rural Homeownership Assistance Program (RHAP) is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

Community Ventures Rural Homeownership Assistance Program (RHAP) is a federal program, so it is not limited to Kentucky.

• The program targets specific areas: CDFI-defined rural Kentucky counties; up to 120% AMI in areas of economic distress.

How do you apply?

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.

1. 1

   Contact Community Ventures (Community Ventures Corporation), a Kentucky CDFI nonprofit to reserve funds

   Funds are reserved through Apply directly through Community Ventures; contact Josh Smith, and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.