Home investment partnerships program

The City of Covington received a $672,734.30 formula grant award dated September 15, 2025, under the Home Investment Partnerships Program (CFDA 14.239), administered by the U.S. Department of Housing and Urban Development's Assistant Secretary for Community Planning and Development. The award, obligated through September 30, 2034, supports affordable housing activities for low- and very low-income households in Park Hills, Kentucky. Under this program, the City of Covington utilizes HOME funds to finance affordable housing initiatives including rehabilitation of owner-occupied housing, homebuyer assistance, acquisition and rehabilitation of rental housing, and tenant-based rental assistance to eligible residents.

As a participating jurisdiction under the HOME program's formula allocation system, the City of Covington may undertake these housing activities directly or provide HOME funds to developers, nonprofit organizations, and community partners. All HOME-assisted housing must meet federal income targeting and affordability requirements and remain affordable to low-income households for 5 to 20 years, depending on the activity type and level of HOME funding contribution. The city has previously leveraged HOME funding in partnership with sub-recipients such as Housing Opportunities of Northern Kentucky Inc. to implement affordable housing projects, demonstrating a track record of utilizing these federal resources for community housing development and economic revitalization.