Lawmakers in the Kentucky House of Representatives filed a bill amendment last week hoping to address housing affordability across the Commonwealth.
An amendment to House Bill 603 would task the state with investing more in housing development, and to make it easier for young people to buy their first homes.
Adam Moore, a Democrat representing parts of Fayette and Jessamine Counties, helped add some of those proposals to the bill.
“We talked about, like the American dream. Part of that is owning your own home. A person you know, has their castle, their little plot of land to call their own that is theirs, and it's just harder and harder and harder to get that in the US right now. And that's not unique to Kentucky,” he said.
Moore said different parts of Kentucky have different housing issues, and hopes the wide-ranging amendment would address much of those problems.
“We see this, unfortunately, a lot in Eastern Kentucky, as a lot of the people have moved away,” he said. “Well, if people want to move back in there now there are some houses, but are they ready to be moved into, or are they totally dilapidated? They need to be torn down and fixed up. So some areas technically have enough actual units, but they're not livable units.”
Proposals include investing $123 million in Kentucky’s Affordable Housing Trust Fund, and creating a $100 million revolving loan fund to support constructing new homes.
It would also get rid of algorithmic online pricing, add more tax credits for renters and create a new trust fund for first-time homebuyers, and would have corporations that already own 50 or more rental properties wait 30 days before they can apply to buy more single-family homes.
The original version of the bill was introduced last month. It’s currently in the House Appropriations and Revenue Committee. This year’s legislative session adjourns April 15.
