Areas Served: City of Covington
The City of Covington, Kentucky has created a low interest loan program to encourage substantial rehabilitation of commercial buildings in the City’s three business districts, Downtown, Latonia and MainStrasse, for commercial and residential use.
The intent of the program is to encourage substantial rehabilitation that reinforces the city’s goals.
The maximum loan per building is $50,000. The loan is secured by a mortgage that is subordinated to the primary lender.
Generally, the city’s loan is approximately 15% of the total rehabilitation coSt. The loan is for rehab costs only, and not for purchase.
The interest rate is below market, fixed, and negotiable.
The term of repayment is negotiable, generally 10 to 15 years.
Contact Information
City of Covington, Kentucky
Address: 638 Madison Avenue
City: Covington
State: Kentucky
Website:
https://www.covingtonky.gov
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