LUDLOW, Ky. (AP) — A northern Kentucky city is using federal stimulus funds to rehabilitate foreclosed properties with the goal of having the first sites complete by July.
The Kentucky Enquirer reports that Ludlow, along the Ohio River, received $800,000 from the Neighborhood Stabilization Program and bought three buildings to rehab into four homes.
Covington and Newport, which received $5 million and $1.7 million respectively, are also taking part in the program. In Ludlow's case, city officials have committed all but $55,000 of its funds to purchasing and revamping three buildings before an April deadline to use the money.
The city has kept $55,000 of the NSP grant in case the cost of rehabbing the homes goes higher than expected.
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Information from: The Kentucky Enquirer, http://www.nky.com
