Covington officials have gained momentum in their plan to revitalize the Eastside neighborhood’s Pleasant Street, which has long been filled with vacant lots.
In partnership with nonprofit developer Neighborhood Investment Partners, Covington received its first two modular homes in August. They are now ready to hit the market.
“These modular units — you can't tell they're modular,” said Executive Director of Community Development Brandon Holmes. “You have to look really, really close, and you have to know a lot about construction to be able even see anything that will give you the function.”
Holmes picked the design of the homes himself, and has already selected the designs for the future units.
“The city admits they are in perpetual motion now when it comes to completing Pleasant Street,” he said.
The two homes will be listed for $250,000 to $260,000. Similar to traditional homebuyer applications, prospective buyers will have to be pre-approved for a mortgage. But unlike the usual process, homes are only available to people earning no more than 80% of the Area Median Income as defined by the federal department of Housing and Urban Development. For a family of four, that’s $87,900.
Covington will provide downpayment assistance to prospective buyers, but the repayment process is going to be different from the city’s traditional homebuyer assistance program.
“By the time we get everything rolled out, we'll have all the final details on that,” Holmes said.
Covington is hosting a ribbon cutting ceremony Tuesday Nov. 10 at 10 a.m. at 304 and 308 Pleasant Street. Residents can tour the homes after.
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