Homes, Inc. Single Family Homeownership

Whitesburg, KY – 5th Congressional District

Homes Inc. 

Seth Long and Chris Combs
[email protected]

Christopher Banks originally contacted HOMES in 2017 to pursue homeownership but at the time of application, he was not in a position to move forward. He decided to stick with it and was eventually able to qualify for a mortgage loan through USDA Rural Development’s 502 program. Many applicants decide to go another route and end up getting manufactured housing that is of lesser quality and depreciates in value, but by sticking with it, the Banks’s ended up with a new home that they love.

This low-income family qualified for subsidy through the HOME Investment Partnership Homebuyer program and ARC that helps make the home affordable.

While this applicant was working through the process of homebuyer counseling, we had an employee working through the Mountain Association (f/k/a M.A.C.E.D.) as a solar intern to receive his NABCEP PV Solar Specialist certification. HOMES was able with the funds from HOME, ARC, and with KHC’s assistance to add solar panel array installation for this project.  Our last home without solar generation scored a 46 HERS rating, but with the addition of solar generated power, the Christopher Banks house scored a 9 HERS rating. This means that the house is 91% more efficient than a code-built house. The annual electrical savings on this home is estimated to save this family $996. For a low-income household this is money that can be used to help make their house payment, to save for future expenses for their children, or to address future homeowner maintenance. By keeping the power bills low it will help them meet future long-term goals that is essential for a young family with kids.

HOME: $105,250
Private: $43,004 (Community Housing Development Organization – interim construction)
Appalachian Regional Commission: $16,395

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