Home » $12.5 Million awarded for affordable rental housing throughout Kentucky

$12.5 Million awarded for affordable rental housing throughout Kentucky

FRANKFORT, Ky. — Kentucky Housing Corporation (KHC) recently awarded more than $12.5 million in Low-Income Housing Tax Credits (Housing Credits) and other program resources, providing communities throughout Kentucky with more affordable housing options. KHC awards Housing Credits to developers annually through a competitive process. Housing Credits are tax incentives allocated by the Internal Revenue Service and are designed to increase the supply of quality, affordable rental housing by helping developers offset the costs of housing development for individuals with low to moderate income. This year, KHC received 33 applications requesting more than $28 million in Housing Credits and was able to fund 13 projects with $12,508,108 of 2023 Housing Credits in conjunction with $3,775,000 of HOME Investment Partnerships Program (HOME), $8,500,000 of HOME-ARP (appropriated by the American Rescue Plan), $300,000 of state Affordable Housing Trust Fund (AHTF) funds, and $1,855,000 in National Housing Trust Fund (NHTF). These funding awards will result in the preservation and creation of 712 affordable housing units throughout the Commonwealth.HOME-ARP FundingThe American Rescue Plan Act (ARPA) provided Kentucky with more than $51 million of HOME-ARP funds. This funding round represents the first award of HOME-ARP funds for multifamily development in KHC’s jurisdiction, in conjunction with Housing Credits set aside for permanent supportive housing.

Innovation PoolSince 2019, KHC has set aside noncompetitive Housing Credits in its Qualified Allocation Plan (QAP) that incentivizes innovative housing concepts in the Commonwealth. Two projects received funding through the Innovation Pool this year, while three other applicants received funding for their innovative projects from the competitive pools.Award RecipientsPermanent Supportive Housing (HOME-ARP) Pool AwardSutton’s Landing – The Model Group, Inc./Welcome House, Inc.A 40-unit development in Mason County, Sutton’s Landing offers residents who are or are at risk of becoming stable homeless housing and on-site services, including counseling for mental and behavioral health, substance abuse, financial management, personal care and physical health.Welcome House Inc. will manage Sutton’s Landing, a mixture of one-, two-, and three-bedroom units. Over the last 40 years, the Northern Kentucky organization has helped more than 80,000 clients with programs including emergency housing, medical care and applying for Section 8 and Social Security.

Innovation Pool AwardsThe Flats at Woodland – Winterwood DevelopmentThe Flats at Woodland will serve Fayette County seniors, offering them affordable housing and access to the community services provided at the Woodland Christian Church, including public meetings for neighborhood groups and fitness classes.The project has several prongs:

  • Renovating the historic property, including repairing the roof, masonry, chimney, plaster, lighting and mechanical systems; installing a fire alarm system; painting; making the building ADA compliant; and upgrading the elevator
  • Adding ten affordable units in the church building
  • Constructing 28 new senior housing units on an adjacent parcel of land
  • Connecting the new building to the church with a bridge

The property resides in an area of opportunity with proximity to shopping, healthcare, recreation, educational opportunities and other necessary services that would support seniors as they age in place.Family Scholar House Elizabethtown – Family Scholar House, Inc./Wabuck DevelopmentFamily Scholar House Elizabethtown Campus will be the newest Scholar House program in the state, offering 48 families the opportunity to learn, grow and improve their lives. Parents must be enrolled in a secondary education institution. They receive permanent housing, free childcare, classes and workshops in workforce development, financial management, nutrition, health and wellness and parenting.Located on the Elizabethtown Community and Technical College (ECTC) campus in Hardin County, the new Family Scholar House will serve parents exploring a career in nursing or healthcare with the hope of producing job-ready employees to fill vacancies in the field.Unlike previous Scholar House developments, this project will not use housing choice vouchers. Wabuck Development will provide residents up to $250 per month in rental assistance for the first five years.Family Scholar House is pleased to further its reach in Kentucky, connecting more parents with the education and services they need to improve their lives.

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