More Than $12 Million Awarded for Affordable Housing Units, Including Innovative Projects in Kenton and Jefferson Counties

FRANKFORT, Kentucky — Kentucky Housing Corporation (KHC) awarded more than $12 million in Low Income Housing Tax Credits (Housing Credits) and other program resources last week, providing communities throughout Kentucky more affordable housing options.

“This year, Kentucky Housing Corporation celebrates its 50th anniversary of providing affordable housing solutions to Kentuckians,” said Winston Miller, KHC executive director and chief executive officer. “Our partnership with developers makes that possible. These developers are ensuring that all Kentuckians can find safe, affordable, comfortable rental units in the communities where they choose to live.”

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 rental housing development for individuals with low to moderate income.

“Every year, we have many excellent submissions,” said Samuel Thorner, managing director of KHC’s multifamily programs. “This year was no exception. These 13 projects offer a mix of rural and urban projects that will expand our reach throughout the state and make affordable housing more accessible in the regions where they are located.”

This year, KHC received 33 applications requesting more than $34 million in Housing Credits and was able to fund 13 projects with $12,076,765 of 2022 Housing Credits in conjunction with $2,835,000 of HOME Investment Partnerships Program (HOME), $600,000 of Affordable Housing Trust Fund (AHTF) and $750,000 in the National Housing Trust Fund monies. These funding awards will result in the preservation and creation of over 727 affordable housing units in 11 counties throughout the Commonwealth.

A listing of awards is available on KHC’s website.

For the fourth year, KHC has designated funds to particularly innovative projects that cater to special communities and rely on partnerships in the area to give a more holistic housing experience to residents. Starting in 2019, KHC dedicated money in its Qualified Allocation Plan (QAP) to incentivize imaginative housing concepts. Two projects received Innovative Pool funding this year.

Renaissance on Broadway – The development, which will offer 55 new one- and two-bedroom units, is part of a multiphase redevelopment effort in Louisville’s West End by Christ Temple Christian Life Center (CTCLC), its housing subsidiary Temple Community Development Corporation (TCDC) and Black and White Investments LLC.

“The goal of this revitalization effort is to enhance the quality of life of residents by addressing not only affordable rents but also addressing transportation and utility cost in a holistic manner,” said Gary Hobbs, chief executive director of BWI. “Secondly, we are creating a caring network of case managers and volunteers that are interested in building trusting relationships with residents, especially those residents that are aging out of foster care.”

The development has many unique features, including teaching residents how to lower their utility costs through games and incentives. Residents have smart meters and thermostats where residents can monitor their energy usage through their phones or tablets and adjust their temperature in real time. If their energy use stays below a certain level, they are eligible for rewards such as coupons and gift certificates.

“There are several studies by (the U.S. Department of Housing and Urban Development) HUD that report that over 50 percent of renter households are considered rent overburdened (i.e., the amount they are paying for rent exceeds 30 percent of their take home pay),” Hobbs said.“The situation gets worse when you consider the additional cost of transportation and utilities.This project is innovative, because we are looking to have the total cost of rent, utilities, and transportation to be less than 45 percent of a family’s take home rather than over 60 percent.The goal is to put more money back into the hands of low-to-moderate income families, including single parents, seniors, and those aging out of foster care.”

The development team will partner with Toyota to implement a car sharing program for residents of the project and broader community, providing four hybrid vehicles for residents to check out via a smart phone app to travel around Louisville and electric charging stations onsite. Insurance and gas will be covered with a nominal fee paid by the resident and business customers that reap value from those with limited transportation (i.e., grocery stores, some employers, universities, healthcare providers, etc.).

In addition to innovative, affordable housing, the residents can enjoy an exercise center, community garden, playground and classroom with a computer lab. Next door is an Early Childhood Education Center and an entrepreneurial incubator.

Residences at Courtyard Crossing II – A continuation of the Residences at Courtyard Crossing, a 47-unit project in Independence, Kentucky, funded in 2020 that serves hard of hearing seniors, Residences at Courtyard Crossing II provides 50 units for Kenton County seniors who are blind, visually impaired or who have low vision.  The development has features to make life easier and more enjoyable for residents, including talking thermostats, smart lighting and locks, talking carbon monoxide and fire alarms, and a smart home system using Alexa/Fire Stick. Residences at Courtyard Crossing II residents also has common area amenities that serve the visually impaired, including a talking elevator and crosswalk and audio-based entry, plus a dog park, fitness center and gazebo.

The project addresses a critical need, said Thomas Grywalski, chief executive officer of Spire Development. Blindness or visual impairment are one of the top ten disabilities, according to the Centers for Disease Control and Prevention, yet most housing developments are not accessible or adapted to those with visual impairments.

“Designing a community for the blind or visually impaired means asking yourself to see with other senses,” Grywalski said. “As such, we consulted with board members of the Kentucky Council of the Blind, Northern Kentucky Council of the Blind, and Kentucky Council of Citizens with Low Vision to arrive at the appropriate unit features and amenities. The integrated smart home system is voice activated, so residents can use voice commands to turn on and off the television, turn on and off lights, and lock and unlock the entry door.”

“Residents can also set customized voice activation integrations,” Grywalski said. “For example, an ‘evening routine’ voice command could turn off lights, turn off the TV, and lock the front entry door.”

Residents will have access to trainings and consultants who can help them with job training, budgeting, credit counseling, energy efficiency and accessing assistance and resources in the community.

In Kentucky, more than 160,000 reported to the U.S. Census Bureau that they have visual difficulties, and more than 10,000 of those 160,000 live in Northern Kentucky. The two projects will complement each other to provide a comprehensive, resourceful living community focused on serving low-income seniors with visual and hearing impairments.

“Spire Development’s mission is to develop and own meaningful communities for working families and seniors,” Grywalski said. “We focus solely on developing ‘need driven’ real estate that enhances the lives of our residents and enriches the communities we serve.  The housing tax credit program is a critical financing source for all of our developments.  Without the guidance and support from our state housing agency partners, like Kentucky Housing Corporation, these projects would not be possible.”

Kentucky Housing Corporation, the state housing finance agency, was created by the 1972 General Assembly to provide affordable housing opportunities.  As a self-supporting, public corporation, Kentucky Housing offers down payment assistance loans to assist first-time homebuyers obtain home mortgages, housing production financing, homeownership education/counseling, rental assistance, housing rehabilitation, and supportive housing programs for special needs populations.