Northern Kentucky homebuyers can now receive up to $15,000 in down payment assistance through the Northern Kentucky HOME Consortium’s Homebuyer Assistance Program, the city of Covington said in a news release.
The increase from $10,000 to $15,000 is designed to help residents cope with rising housing costs and is available to eligible buyers in Covington, Ludlow, Erlanger, Independence, Florence, Newport, Bellevue and Dayton.
“By increasing the maximum assistance amount, we’re ensuring this program continues to meet the real needs of today’s buyers and helps more residents establish roots in our neighborhoods,” Covington Mayor Ron Washington said in the statement.
In recent years, the average amount of assistance needed by program participants has exceeded the previous $10,000 cap. In 2024-25, the average need was $14,407 and in 2026-27 it rose to $15,182, the city said.
The Covington Board of Commissioners approved the increase in June.
How the program works
The Homebuyer Assistance Program offers zero-interest, deferred, and forgivable loans to help cover down payments, closing costs, and settlement charges.
The loans are forgiven over 10 years on a pro-rata basis, with one-tenth forgiven for each year the homeowner occupies the property as their primary residence.
To qualify, applicants must meet income, credit, and other program requirements. The program is funded through the federal HOME Program and administered by the Northern Kentucky HOME Consortium via Covington’s Neighborhood Services Department.
For more information and to apply, visit the city of Covington website.
This story was created with the assistance of Artificial Intelligence (AI). Journalists were involved in every step of the information gathering, review, editing and publishing process. Learn more at cm.usatoday.com/ethical-conduct.
This article originally appeared on Cincinnati Enquirer: Covington increases down payment assistance to $15,000 for homebuyers
Reporting by Cincinnati Enquirer / Cincinnati Enquirer
USA TODAY Network via Reuters Connect
By Cincinnati Enquirer | USA TODAY Network
