KHC Joins Celebration for 210 More Units Coming to Beecher Terrace

FRANKFORT, Kentucky — The fourth and final phase of Beecher Terrace, which will bring 210 affordable housing units to the Russell neighborhood, broke ground Tuesday with help from KHC CEO and Executive Director Winston Miller, HUD Principal Deputy Assistant Secretary Richard J. Monocchio, and Louisville Mayor Craig Greenberg, along with other state and federal officials, project partners, and community residents.

“This comprehensive neighborhood revitalization is exactly the kind of program that Mae Street Kidd envisioned when she created the Kentucky Housing Corporation in 1972,” said Miller. “She wanted everyone to be able to have a safe, secure, affordable place to live without having to leave the neighborhood and community they call home. The future will be brighter here because the opportunities will be greater and the support system will be more robust.”

Monocchio emphasized the importance of collaboration.

“Projects of this magnitude cannot happen — on this size and scale,” he said, “—without state and local commitment. This is a great example of how it’s supposed to work.”

Beecher Terrace Phase IV will include 1-, 2-, and 3-bedroom apartments and townhome buildings with 77 units for residents earning up to 60% of AMI, 20 units for residents earning up to 80% of AMI, 20 market-rate units, and 93 units reserved for those who lived in the original Beecher Terrace. Urban Strategies, Inc., will provide supportive services for residents.

KHC invested $39 million in tax-exempt bond authority and the associated Low-Income Housing Tax Credit as well as $2.5 million in National Housing Trust Fund (NHTF) dollars. Support also came from Ohio Capital Corporation for Housing, Lument, and HUD’s Choice Neighborhood Initiative (CNI) Implementation Grant.

Over the past 10 years, KHC has invested more than $190 million in the Russell neighborhood alone, and another $700 million in the surrounding neighborhoods.