HAZARD — The Perry County Community Foundation has awarded $5,000 to the Housing Development Alliance in September. This grant will support affordable housing in Perry County.
The Housing Development Alliance serves as lender, counselor, developer, and contractor for low-income persons in need of housing assistance. Since 1993, we have built over 190 new homes, provided over 403 home repairs, operated 18 rental units and invested over $30 million into the local economy.
This grant will help fund Redbud Financial Alternatives, a new program to increase access to affordable credit. The program will provide consumer lending, debt reduction, and credit building services.
“I think most people know that low-income consumers typically pay the most for credit,” says Scott McReynolds, Executive Director of the Housing Development Alliance. “Whereas middle class consumers might have to rely on a 12 to 18% credit card to repair the car they need to get to work, low income consumers might have to rely on a personal loan at 27% or worse yet, a pay day lender with annual rates as high as 500%. But I am not sure many people realize that relying on high cost/predatory credit can impact people’s ability to secure and maintain housing. We are often contacted by people who need housing assistance but who don’t qualify for that assistance because they are spending too much of their income on high cost debt. The grant for the Foundation will help Redbud make loans to people trapped by high cost debt. These affordable loans will help them qualify for the housing assistance they need.”
The Perry County Community Foundation has been investing in the local community since 2009. It has supported local organizations with over $1,000,000 in grants. The Foundation is dedicated to investing assets in our communities for a strong, healthy, and sustainable region. To learn more about the Perry County Community Foundation and to apply for a grant, visit http://www.appalachianky.org/apply.html
The mission of Foundation for Appalachian Kentucky is to be a catalyst for community collaboration and charitable giving; to create permanent endowment funds as a sustaining resource to improve quality of life and place in Eastern Kentucky. Their office is in Chavies.
Broomfield is the Communications and Outreach Manger for The Foundation for Appalachian Kentucky. He can be reached at [email protected]