2 weeks Ago By WCPO and Staff Report
A Covington nonprofit that recently received a $450,000 forgivable loan from the federal government is using that money to help lower energy costs for affordable housing tenants. The loan has helped fund HVAC system replacements in eight units, worth around $65,000, and will soon fund the installation of new water heaters, worth around $35,000. A majority of the money will be used to refinance debt related to the units.
All of the units are owned by Neighborhood Investment Partners (NIP), an independent nonprofit affiliated with the city and the Housing Authority of Covington. Its directors are appointed by the mayor. GET OUR DAILY NEWSLETTER The stories all of NKY will be talking about, delivered to your inbox each weekday morning.
Sign up “I can talk for almost all single moms when I say that any amount of money saved is amazing and it’s a blessing,” said Audrey Cooper, a resident at one of the renovated units. “It’s hard when you’re the only parent that financially provides (for) needs that your kids might have.” Cooper, who is a single mom of three, said her December-to-January electric bill cost around $800.
“It was crazy,” she said. “Like, I don’t want to keep having to fork out $800.” The new HVAC systems run more efficiently, according to NIP executive director Leroy Hodge, which will better heat or cool units as well as lower electric costs.
“We wanted to do the things that were most cost-effective, and it will lower their utility bills right away,” he said. “We’re using it to the best of our ability to help lower our residents’ bills.” The HOME program is a federal program focused on housing and has been used to fund rental assistance programs, home repair programs and housing nonprofits like Neighborhood Investment Partners.
It also funds the local HOME Consortium , which provides forgivable loans to qualifying home buyers. Covington, Independence, Erlanger, Florence, Ludlow, Newport, Bellevue and Dayton are member cities in the consortium. Construction is set to commence later this month and extend through the end of September 2025.
The city has flexibility in its forgiveness structure as long as the buildings remain in federal compliance regarding affordable housing and conform to local code regulations. This story originally appeared at WCPO.com.
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